Global public debt rose to a record $92 trillion in 2022 as governments borrowed to cope with crises, with developing countries under great pressure, a United Nations report said.
Worldwide domestic and external debt have increased more than fivefold in the past two decades, outpacing the rate of economic growth, with GDP only tripling since 2002, according to the report.
Developing countries owe about 30% of global public debt, with China, India, and Brazil accounting for 70%. Fifty-nine developing countries face a debt ratio of more than 60% of GDP, which is very high.
“The international financial architecture has made access to finance for developing countries both insufficient and costly, noting that net debt interest payments exceed 10 percent of revenue for 50 emerging economies worldwide,” the United Nations said.
Private creditors, such as bondholders and banks, account for 62 percent of the total external public debt of developing countries.
