The UN says global public debt hit a record $97 trillion in 2023. Developing countries are hard hit

By JAMEY KEATEN
Associated Press

GENEVA (AP) — The United Nations is reporting that global public debt rose to a record $97 trillion last year, with developing countries owing roughly one-third of that – crimping their ability to pay for basic government services like health care, education and climate action. U.N. Trade and Development, formerly known as UNCTAD, says the value of money owed by governments rose by $5.6 trillion from 2022. In a report released Tuesday, the agency says high interest payments are outstripping growth in essential public spending.