Global public debt rose to a record $97 trillion last year, the United Nations reported Tuesday, with developing countries owing roughly one-third of that — crimping their ability to pay for basic government services like health care, education and climate action.
U.N. Trade and Development, formerly known as UNCTAD, said the value of money owed by governments rose by $5.6 trillion from 2022. In its report entitled “A World of Debt," the agency said high interest payments are outstripping growth in essential public spending.
