According to the report recently published by the United Nations Conference on Trade and Development (UNCTAD, for its acronym in English), public debt amounted to 102 trillion dollars, an increase of 5% compared to 2023. Advanced countries concentrate just over 70% of the liabilities.
However, the report warns of the sharp increase in debt in developing economies in recent years; in most cases, through bond issues with interest rates that far exceed the financing costs of more advanced countries. For example, the average bond yield of African economies is very close to 10%, a rate that is three times the average for developing countries. United States61 countries allocated 10% of their public revenue to interest payments. Consequently, the report highlights that the financial burden in some cases exceeds the budget for health and education, which is limiting these countries' development capacity.
Source: CESCE
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