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Global Public Debt in 2022
July 19 , 2023
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- The Global public debt surged to a record $92 trillion in 2022 as governments borrowed to counter crises.
- Domestic and external debt worldwide has increased more than five times in the last two decades.
- Developing countries owe almost 30% of the global public debt, of which 70% is represented by China, India and Brazil.
- Fifty-nine developing countries face a debt-to-GDP ratio above 60% - a threshold indicating high levels of debt.
- In Africa, the amount spent on interest payments is higher than spending on either education or health.
- Private creditors, such as bondholders and banks, represent 62% of developing countries' total external public debt.
- In Africa, this creditor participation grew from 30% in 2010 to 44% in 2021.
- Latin America has the highest ratio of private creditors holding external government debt for any region at 74%.
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