$31tr debt threatens public services: UNCTAD

Global public debt rose to $102 trillion in 2024, with developing countries accounting for nearly one-third — $31tr — of that total, according to a new report by the United Nations Conference on Trade and Development (UNCTAD). These economies paid a record $921bn in interest payments, severely straining public finances and threatening essential public services. In its latest World of Debt report, released ahead of the fourth International Conference on Financing for Development in Spain on June 30, UNCTAD warns that mounting debt burdens, declining investment, and shrinking aid flows are derailing progress towards the Sustainable Development Goals (SDGs), especially for lower-income nations. Since 2010, public debt in developing countries has grown twice as fast as in advanced economies, the report states. Systemic inequalities in global financial systems have further exacerbated the crisis.