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According to a new report by the United Nations (UN), global public debt reached a staggering $92 trillion in 2022, marking a significant increase driven by cascading crises in recent years.

The UN Conference on Trade and Development launched the report on Wednesday, highlighting the alarming trend of global debt outpacing global domestic product growth.

The number of countries grappling with high debt levels rose to 59 in 2022, a substantial increase from the 22 countries in 2011. The report shed light on the inequalities in the international financial architecture, emphasizing that developing countries, particularly those borrowing in foreign currencies, are more vulnerable to external shocks.

Developing countries owe nearly 30 percent of the global public debt, with China, India, and Brazil accounting for 70 percent. UN Secretary-General Antonio Guterres expressed concern, stating that half of the world is being pushed into a development disaster due to the crushing debt crisis.

Guterres further highlighted the disproportionate burden African countries face, who pay significantly more for borrowing compared to the US and wealthy European economies. He called for reforms to address the outdated global financial system, urging action ahead of the G20 Summit of finance ministers scheduled for July 14-18.

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