Statsguru: Developing countries are hard hit amid rise in debt burden

Global public debt was at an all-time high of $97 trillion in 2023, growing at a compound annual growth rate (CAGR) of 5.1 per cent since 2010. Developing countries' debt hit $29 trillion last year, increasing at “twice the rate in developed countries”, according to the report “A World of Debt 2024”, released by the United Nations Conference on Trade and Development (Unctad) this month. 
            

A total of 54 developing countries spend more than 10 per cent of their revenues on interest payments, up from 29 in 2010. In India, interest payments account for over