Global public debt hits record $97T in 2023: UN

By Tuba Ongun

Global public debt surged by $5.6 trillion from the previous year to a historic peak of $97 trillion in 2023, according to the United Nations Trade and Development Conference (UNCTAD).

"The alarming surge in global debt burden calls for urgent reforms to the international financial systems to safeguard a prosperous future for both people and the planet," the UNCTAD said in a report released on Tuesday.

Public debt in developing countries rose at twice the rate of that in developed countries, reaching $29 trillion in 2023.

As repaying debt has become more costly, developing nations paid $847 billion in net interest in 2023, a 26% increase from 2021.

Over three-quarters of this debt is owed by countries in Asia and Oceania, while Latin America and the Caribbean accounts for 17% and Africa for 7%.

The median value of the public debt-to-GDP ratio fell from a peak of 60.4% in 2020 to 54.7% in 2023 due to high global inflation and stronger-than-expected real GDP growth in some regions.

The number of African countries with debt-to-GDP ratios above 60% has increased to 27 last year led by global shocks.

The US had the largest public debt in the world with $33.4 trillion in 2023, followed by China with $14.8 trillion, Japan with $10.6 trillion, France with $3.35 trillion, India with $2.96 trillion and Germany with $2.86 trillion, according to the report.