Almost 40% of the Global South is mired in crippling debt, according to a UN report. Is there a way out?
A report by the UN Global Crisis Response Group reveals that global public debt has reached an astonishing $92 trillion. And, 52 developing nations from Latin America to Asia are suffering the most. Governments in those countries must prioritize paying off their debt before spending on healthcare and education.
As the world struggles with numerous challenges such as the pandemic, climate change, and conflict could rising debt further complicate matters?
Joining the discussion:
- Ebrahim Rasool is a former South African Ambassador to the U.S.
- Sourabh Gupta is Senior Asia-Pacific policy specialist at the Institute for China-America Studies.
- Yves Engler is a political activist and author
- Klisman Murati is the Founder of Pareto Economics and Creator of the Global Power Index.
In 2022, global public debt – comprising general government domestic & external debt – reached a record USD 92 trillion.
Developing countries owe almost 30% of the total, of which roughly 70% is attributable to China🇨🇳, India🇮🇳 & Brazil🇧🇷.
— UNCTAD, the UN trade & development body (@UNCTAD) July 13, 2023
— Reuters (@Reuters) July 12, 2023