Almost half of humanity lives in countries that spend more servicing interest on debt than health or education, UN says.
Published On 13 Jul 2023
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.
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my solution. Cancel all debts, or at least make them interest free…