Reuters: Global public debt hits record $92 trillion, UN report says
LONDON (Reuters) -Global public debt surged to a record $92 trillion in 2022 as governments borrowed to counter crises, such as the COVID-19 pandemic, with the burden being felt acutely by developing countries, a United Nations report said.
Domestic and external debt worldwide has increased more than five times in the last two decades, outstripping the rate of economic growth, with gross domestic product only tripling since 2002, according to the Wednesday report, released in the run up to a G20 finance ministers and central bank governors' meeting July 14-18.
"Markets may seem not be suffering – yet. But people are," U.N. Secretary-General Antonio Guterres told reporters. "Some of the poorest countries in the world are being forced into a choice between servicing their debt, or serving their people."
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Update: ‘Crushing’ debt crisis spells development disaster for billions: UN chief (UN News)
WNU Editor: Total global debt is above $300 trillion .... What does ‘global debt’ mean and how high is it now? (World Economic Forum).
4 comments:
Cue the gold standard
It's ridiculous that China, Mexico, India and Brazil are labeled as "developing countries".
@RussInSoCal, I was going to say the same thing. China is the 2nd world's economy for god sake. And India is top 5. It's ludicrous.
I’m sure we’re considered far less than developing over there. We can’t even figure out what a woman is for god sakes.
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