UN Report Reveals Global Public Debt at Record High of $92 Trillion, With Developing Countries Hardest Hit

The report highlights that the burden of debt is particularly acute in developing countries, with many facing a debt-to-GDP ratio above 60%, indicating high levels of debt.

The report, which was released ahead of a G20 meeting of finance ministers and central bank governors, states that domestic and external debt has increased more than five times in the last two decades, outpacing the rate of economic growth.

The UN Secretary-General, Antonio Guterres, warned that while markets may seem stable, people are being affected by the escalating debt levels.

Developing countries owe almost 30% of the global public debt, with China, India, and Brazil accounting for the majority of this debt.

The report also highlights that private creditors, such as bondholders and banks, represent 62% of developing countries' total external public debt.

The UN recommends that multilateral lenders expand their financing and create a debt workout mechanism to address the slow progress of the G20 Common Framework.

The report also calls for a temporary suspension of International Monetary Fund surcharges and increased financing access for countries in debt distress.

The high levels of debt and the burden it places on developing countries are a major concern and require urgent attention from the international community.

The UN report emphasizes the need for a comprehensive solution to address the debt crisis, which is affecting the lives of millions of people around the world.