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Global public debt hit record US$97 trillion in 2023

Global public debt reached US$97 trillion in 2023.
 
In its latest report on global debt, the United Nations Conference on Trade and Development (UNCTAD) says there is an unprecedented surge in public debt.
 
This was largely due to domestic and external general government borrowing.
 
The 2023 public debt figure was US$5.6 trillion higher then 2022.
 
UNCTAD says, particularly in Africa, faltering economies in the wake of multiple global crises have resulted in a heavier debt burden.
 
The number of African countries with debt-to-GDP ratios above 60 per cent has increased from six to 27 over the years 2013 to 2023.
 
Meanwhile, repaying debt has become more costly, and this is hitting developing countries disproportionately.


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