How developing countries’ debt levels affect their people
Description
More than 3.3 billion people live in developing countries that spend more on interest payments than on education or health. Sovereign debt levels of developing economies are a threat to economic stability. At least 50 such countries spend more than 10% of their revenues on debt servicing, which is squeezing their finances and creating risks. In these countries, interest payments also outweigh climate investments, adding further risks to existing vulnerabilities. A UNCTAD report says global public debt hit a record high of $97 trillion in 2023, with developing countries accounting for $29 trillion. Their debt has grown twice as fast as the others’ since 2010. Please listen to the latest episode of All Indians Matter.
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