Report highlights the surge in global public debt, aggravated by cascading crises in recent years and its disproportionate burden on developing countries.
Global Public Debt (GPD)
- High Public Debt: GPD reached a record high of $102 trillion in 2024.
- GPD could increase to 100% of GDP by end of decade if current trends continue.
- Disproportionate Debt Growth: Although developing countries accounted for less than one third – $31 trillion – it has grown twice as fast as in developed economies since 2010.
- In stark contrast among developing economies, Asia and Oceania hold 24% of global public debt, followed by Latin America and the Caribbean (5%), and Africa (2%).
- High Borrowing Costs: Developing countries face higher borrowing costs – two to four times higher than those for USA.
- A record 61 developing countries allocated 10% or more of government revenues to interest payments.
- Impact: Widening development financing gaps, declines in aid flows, constraining spending in critical areas like education and health.
Recommendations for Debt Management and Sustainable FinancingUN Secretary General’s Expert Group on Public Debt recommends following measures:
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