U N I T E D N AT I O N S C O N F E R E N C E O N T R A D E A N D D E V E L O P M E N T

A world of debt REPORT 2024

A growing burden
to global prosperity
 Contents

Global public debt

1
keeps rising.

The cost of external

2
public debt remains high.

3 People pay the price.

A call for action to finance

4
sustainable development.

2
 Global public debt
keeps rising.

3 3
 Public debt reaches record levels in 2023

97 000 000 000 000

US$
100
$97
Global public debt trillion

75

$51
trillion
50
2010 2012 2014 2016 2018 2020 2022

Source: UN GCRG - technical team calculations based on IMF World Economic Outlook (April 2024).
Note: Figures represent nominal values in current US$. Public debt refers to general government domestic and
external debt throughout the document. General government consists of central, state and local governments
and the social security funds controlled by these units.

4
 Public debt grows twice as fast in
developing countries
Index: Outstanding public debt in 2010 = 100

Developing
350 countries

300

250 Developing
countries
excl. China
200

Developed
150
countries

100
2010 2012 2014 2016 2018 2020 2022

Source: UN GCRG - technical team calculations based on IMF World Economic Outlook (April 2024).

5
 Almost a third of global public debt
is owed by developing countries
Public debt in US$ billions (2023)
Germany
2 855
Developed countries

Developing regions France

Asia and Oceania 3 354

Latin America and

the Caribbean
Africa United States of America
33 417

Egypt
378
Japan
Mexico
950 10 632

Brazil
1 841

China
14 773 India
2 956

Source: UN GCRG - technical team calculations based on IMF World Economic Outlook (April 2024).

6
 Although public debt is growing
in all regions, only in Africa it is
growing faster than GDP
Public debt as a share of GDP - Median per country group
(percentage)

Developing Africa Asia Latin America

countries and Oceania and the Caribbean
80

60

40

20

0
2010 2023 2010 2023 2010 2023 2010 2023

Source: UN GCRG - technical team calculations based on IMF World Economic Outlook (April 2024).
Note: The median represents the value that lies at the midpoint of the data distribution.

7
 More countries face high debt burdens,
especially in Africa
Number of developing countries with public debt exceeding 60% of GDP

80

60
Latin America
and the Caribbean

40
Asia and Oceania

20
Africa

2010 2012 2014 2016 2018 2020 2022

Source: UN GCRG - technical team calculations based on IMF World Economic Outlook (April 2024).

8
 The cost of
external public debt
remains high.

9
 Developing countries’ external public debt
indicators returned to pre-COVID levels
Median for developing countries (percentage)

140

120

100

80 92.4 External public debt

as a share of exports
71.5
60

40

28.4 External public debt

20
19.2 as a share of GDP

0
2010 2012 2014 2016 2018 2020 2022

Source: UN GCRG - technical team calculations based on IMF World Economic Outlook (April 2024).
Note: External public debt refers to external Public and Publicly Guaranteed (PPG) debt. The median
represents the value that lies at the midpoint of the data distribution.

10
 Yet, external debt service burdens
remain high
Median for developing countries (percentage)

10

External public debt service

8 8.8 relative to government
revenues
6 External public debt service
6.3
5 relative to exports
4 3.8

0
2010 2012 2014 2016 2018 2020 2022

Source: UN GCRG - technical team calculations based on IMF World Economic Outlook (April 2024).
Note: External public debt refers to external Public and Publicly Guaranteed (PPG) debt. The median
represents the value that lies at the midpoint of the data distribution.

11
A note from history

Half of developing countries are

allocating at least 6.3% of their
export revenues to external public
debt service.

For comparison, the 1953 London Agreement

on Germany’s war debt limited the amount
of export revenues that could be spent on
external debt servicing (public and private)
to 5% to avoid undermining the recovery.

12
 The creditor base makes debt
expensive and difficult to restructure
External public debt, share by type of creditor (2022)
23%

Private creditors Multilateral creditors Bilateral creditors 23% 44%

Private creditors Multilateral creditors Bilateral creditors

44%
34%
Developing countries Africa 34%
Developing countries Africa
15%
15%
14%
14%
23%
23% 61%
Asia and 61%
Asia and
Oceania
Oceania
26%
26%
61%61%
23%
23%

Latin America
Latin America 73%
73%
andand
thethe
Caribbean
Caribbean

Source: UN GCRG - technical team, based on calculations based on World Bank International Debt Report 2023.
Note: External public debt refers to external Public and Publicly Guaranteed (PPG) debt.

13
 Private creditor withdrawal causes
nearly US$ 50 billion in outflows
Developing countries’ net transfers on external public debt by type of
creditor in US$ billion

Total
Total
Total
Total
net
net
netnet
resource
resource
resource
resource transfer Private
transfer
transfer
transfer Private
Private
Private Bilateral
Bilateral
Bilateral
Bilateral Multilateral
Multilateral
Multilateral
Multilateral
200
200
200
200

100
100
100
100

−100
−100
−100
−100
2010
2010
2010
2010 2022
2022
2022
2022
2010
2010
2010
2010 2022
2022
2022
2022
2010
2010
2010
2010 2022
2022
2022
2022
2010
2010
2010
2010 2022
2022
2022
2022

Source: UN GCRG - technical team calculations, based on World Bank International Debt Report 2023.
Note: Net transfers are defined as disbursements minus debt service on external public and publicly
guaranteed debt.

14
 Developing countries with net debt
outflows more than doubled since 2014
Number of developing countries with net negative transfers on
external public debt

50
Latin America and the
Caribbean
40

30 Asia and Oceania

20

10 Africa

2010 2015 2020

Source: UN GCRG - technical team calculations, based on World Bank International Debt Report 2023.
Note: Net transfers are defined as disbursements minus debt service on external public and publicly
guaranteed debt.

15
 Borrowing costs of developing countries
are higher than those of developed ones
Bond yields of developing and developed countries (2020-2024)

9.8
5.3 6.8

2.5
0.8

Germany USA Asia Latin America Africa

and and the
Oceania Caribbean

Source: UN GCRG - technical team calculations, based on Refinitiv data.

Note: Illustrative comparison of the average JPM EMBI Global Diversified USD bond yields per region with the
10-year bond yields of Germany and the United States from January 2020 to May 2024.

16
 People
pay the price.

17
 Developing countries’ interest
payments reach US$ 847 billion
Net interest payments of developing countries in US$ billion

900

800 847
700 Interest
600 payments
in US$
500 billion
400

300

200

100

0
2010 2012 2014 2016 2018 2020 2022

Source: UN GCRG - technical team calculations, based on IMF World Economic Outlook (April 2024).
Note: Net interest payments of the general government refer to the total amount of domestic and external
interest expenses incurred from loans and other forms of borrowing, minus any interest income received.

18
 Developing countries’ interest
payments double relative to revenues
Net interest payments of developing countries relative to government
revenues (percentage)

Developing
Developing
Developing
Developing Africa
Africa
Africa
Africa Asia
Asia
and
Asia
Asia
and
andand Latin
Latin
Latin
America
Latin
America
America
America
countries
countries
countries
countries Oceania
Oceania
Oceania
Oceania andand
the
and
the
and
Caribbean
the
Caribbean
the
Caribbean
Caribbean

10 10 10 10
9.2 9.2
7.8
8.1

5 5 5 5 5.2

4.2 4.4
2.6
0 0 0 0
2010
2010
2010
2010 2023
2023
2023
2010
2023
2010
2010
2010 2023
2023
2023
2010
2023
2010
2010
2010 2023
2023
2023
2010
2023
2010
2010
2010 2023
2023
2023
2023

Source: UN GCRG - technical team calculations, based on IMF World Economic Outlook (April 2024).
Note: Median per country group. The median represents the value that lies at the midpoint of the data
distribution. Net interest payments of the general government refer to the total amount of domestic and external
interest expenses incurred from loans and other forms of borrowing, minus any interest income received.

19
 A record 54 developing countries spend
heavily on interest, mainly in Africa
Number of developing countries with net interest payments
exceeding 10% of revenues

50 Latin America and the

Caribbean
40

Asia and Oceania

30

20

Africa
10

2010 2015 2020

Source: UN GCRG - technical team calculations, based on IMF World Economic Outlook (April 2024).
Note: Net interest payments of the general government refer to the total amount of domestic and external
interest expenses incurred from loans and other forms of borrowing, minus any interest income received.

20
 Interest payments are growing faster
than other public expenditures
Nominal change (%) in public expenditure categories in developing
countries between 2010-2012 and 2020-2022

Education

+38%

Health

+58%

Interest

% +73%

Source: UN GCRG - technical team calculations, based on IMF World Economic Outlook (April 2024) and World
Bank World Development Indicators.
Note: Change in aggregate expenditures for developing countries, average for 3-year period. Interest refers
to net interest payments.

21
 Some regions spend more on servicing
debt than serving their people
Public expenditure per capita on net interest, education and health in
US$ (2020-2022)

Latin America
Asia and Oceania Asia and the
Africa (excl. China) and Oceania Caribbean
Health
39 62 147 323

Education
60 110 203 364

Interest
% 70 84 94 280

Source: UN GCRG - technical team calculations, based on IMF World Economic Outlook (April 2024) and World
Bank World Development Indicators.
Note: Aggregate expenditures for developing countries. Interest refers to net interest payments.

22
 A growing number of countries spend
more on interest than development
Number of developing countries spending more public resources on
interest than on education or health

2010-2012 2020-2022

Education 12
15

Health 34
46

Source: UN GCRG - technical team calculations, based on IMF World Economic Outlook (April 2024) and World
Bank World Development Indicators.
Note: Interest refers to net interest payments.

23
 3.3 billion people
live in countries that spend
more on interest than education or health
Population in developing countries where spending
on interest exceeds education or health (2020-2022)

Mllions of people
3.3 3.3
billion
billion
Africa
Africa
130130

768768
2.1 2.1
billion
billion
AsiaAsia
andand
Oceania
Oceania
1,831
1,831

2,212
2,212

Latin
Latin
America
America
andand
the the
Caribbean
Caribbean
138138
347347

Education
Education Health
Health

Source: UN GCRG - technical team calculations, based on IMF World Economic Outlook (April 2024) and World
Bank World Development Indicators.

24 24
 Interest outweighs climate investments
in emerging and developing countries
Public expenditure in emerging markets and developing countries
excl. China on interest and climate investments as % of GDP (2019)

Interests Climate investments

2.1

2.4

Source: UN GCRG - technical team calculations, based on IMF World Economic Outlook (April 2024) and Songwe.
V, et. al. (2022) “Finance for climate action: scaling up investment for climate and development”.
Note: Figures for Emerging Markets and Developing Countries (EMDC), excluding China, for 2019 (latest
available comparable data). The EMDC group is an IMF classification and it differs from the UN developing
country classification used throughout this report.

25
 Aid through loans rises while action
related to debt hits record low
Official Development Assistance (ODA), share of loans in total in
percentage and action related to debt in US$ billions

Trend 2012-2022

34.4
27.9
Share of loans
(in % of total ODA)

Action related to debt 4.1

(in nominal US$ billion) 0.3

Source: UN Global Crisis Response Group (2024),

“Aid under pressure: 3 accelerating shifts in Official Development Assistance”.
Note: Actions related to debt includes debt relief, swaps, buy-backs, restructuring and others.

26
 A call for action
to finance sustainable
development.

27
 Nearly 50 countries call for international
financial architecture reform
Finance and debt related topics in United Nations General Assembly
speeches by number of countries and share by country group in
percentage (2023)

Number of % of developing % of developed

speeches countries countries

Finance
or debt 149 82 67

Reform of the
international
financial 47 30 9
architecture

Source: UN GCRG - technical team calculations, based on 192 speeches of the General Debate at the 78th
Session of the General Assembly, 19-23 and 26 September 2023.

28
The United Nations call for reform of the
International Financial Architecture and the
SDG stimulus package outline a way forward:

Make the system more inclusive, improving the real and

1
effective participation of developing countries in the governance of
the international financial architecture.

Tackling the high cost of debt and rising risk of debt distress
2
and create a debt workout mechanism to address the slow
progress of the G20 Common Framework for Debt Treatment due
to creditor coordination challenges and the lack of automatic debt
service suspension clauses to participating countries.
United Nations
Secretary-General’s
SDG Stimulus
to Deliver

Provide greater liquidity in times of crisis expanding Agenda 2030

3
FEBRUARY 2023

contingency finance, so that countries are not forced into debt

as a last resort, including through the strengthened use of Special
Drawing Rights, a temporary suspension of IMF surcharges, and
increased quota-access windows to IMF emergency financing. Our Common Agenda
Policy Brief 6
Reforms to the
International
Financial
Architecture

MAY 2023

More and better finance, massively scaling up affordable

4
long-term financing. The transformation and expansion of
Multilateral Development Banks to support long term sustainable
development and scaling up private resources. More concessional
finance; fulfilling aid and climate finance commitments.

29
Inequality
is embedded in the
international financial
architecture.

This must change.

30 UNCTAD/OSG/TT/INF/2024/2