Almost half of humanity live in countries that spend more servicing interest on debt than health or education, UN says.
Almost half of humanity now live in countries that spend more money paying interest on their debts than on education or health, according to a new U.N.
Approximately 3.3 billion people – almost half of humanity – now live in countries that spend more money paying interest on their debts than on education or health, according to a new United Nations report.
“Half our world is sinking into a development disaster, fuelled by a crushing debt crisis,” UN Secretary General Antonio Guterres told a press conference launching a report on Wednesday on the state of the world’s debt.
“In 2022, global public debt reached a record $92 trillion and developing countries shoulder a disproportionate amount,” the UN chief said.
Because such a “crushing debt crisis” is concentrated mostly in poor developing countries, it is “not judged to pose a systemic risk to the global financial system”, Guterres said.
“This is a mirage,” he said.
Financial markets may seem not to be suffering yet – but billions of people are and the levels of public debt “are staggering and surging”, he added.
By Richard Koomson| mediacentralonline.info |Ghana
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