The United Nations has sounded the alarm about mounting debt burdens held by governments on global prosperity after growing dramatically last year given the problems caused by successive crises over the past four years.
A new report by the United Nations Conference on Trade and Development (UNCTAD), "The World of Debt 2024: A Growing Burden on Global Prosperity", highlights the unprecedented rise in public debt, amid increased borrowing demand despite high interest rates.
According to the organization, domestic and foreign public government borrowing reached a historic peak of $ 97 trillion in 2023, a remarkable increase of $ 5.6 trillion from the previous year.
Source (Al-Arab Newspaper of London, Edited)
