The world is drowning in a record amount of debt concentrated in developing countries.
Global debt has hit a record $307 trillion in 2023.
That includes the amount of money owed by corporations, governments and individuals around the world. And it’s equivalent to almost $40,000 for every single person on the planet.
Multiple crises in recent years have worsened the problem – pushing countries to the brink. And that simply means some of the poorest countries in the world are servicing their debts, instead of providing for their people.
So, who’s to blame for the delay in debt relief efforts?