Developing debt

In 2023, global public debt reached an all-time high of USD 97 trillion, a 90% increase since 2010. According to UN data, about 3.3 billion people now live in countries that spend more on debt interest payments than on education or healthcare. However, the graph below – where debt level in 2010 was indexed to 100 – shows that public debt is not growing at the same pace across countries. Although today we often talk about the alarming public debt in the US or in several European countries, in developing countries public debt is increasing at twice the rate of developed countries. In 2023, the public debt of developing countries reached USD 29 trillion. Their share of the global total debt has risen from 16% in 2010 to 30% in 2023, perhaps indicating developing countries government finances have become riskier.

Source: United Nations, International Monetary Fund, April 2024.