A World of Debt: A Growing Burden to Global Prosperity

The report highlights the alarming surge in global public debt, driven by cascading crises in recent years. The growing debt burden disproportionately impacts developing countries, diverting essential resources away from their development aspirations. The rise in global interest rates since 2022 has further strained public budgets in these countries, with high interest payments outpacing growth in critical public expenditures such as health, education, and climate action. The report calls for urgent reforms in the international financial architecture to ensure sustainable development and prevent developing countries from having to choose between servicing their debt and serving their people. The United Nations outlines a roadmap for these reforms in the SDG Stimulus package. Organizations Mentioned: UNCTAD, United Nations, IMF, World Bank, GCRG, EU