Developing countries face record-high public debt burdens, time for reform: UN Trade and Development

Global public debt reached 102 trillion dollars in 2024. Developing countries owe 31 trillion dollars. They paid a record 921 billion dollars in interest. This strains budgets and risks public services. UNCTAD reports developing countries’ debt grew faster than richer nations since 2010. The report highlights disparities among developing regions. It calls for inclusive economic governance and affordable finance.