Developing countries owe almost 30% of the global public debt, of which 70% is represented by China, India, and Brazil.
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 report on Wednesday, July 12, released in the run-up to a G20 finance ministers and central bank governors’ meeting from Friday, July 14, to Tuesday, July 18.
“Debt has been translating into a substantial burden for developing countries due to limited access to financing, rising borrowing costs, currency devaluations, and sluggish growth,” the UN report added. “In Africa, the amount spent on interest payments is higher than spending on either education or health,” the report found, with 3.3 billion people living in countries that spend more on debt interest payments than on health or education.Private creditors, such as bondholders and banks, represent 62% of developing countries’ total external public debt.
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