The growing global debt crisis

LAST week, the United Nations Conference on Trade and Development released its biannual report on global public debt, and the news was alarming. Global public debt reached an all-time record high of $97 trillion in 2023, prompting Unctad to call on the UN to take 'urgent action' to prevent a financial crisis. While the Philippines is not among the countries considered most at risk, our own circumstances are far from ideal and should be addressed with more urgency.

The Philippines is still considered a reasonably good credit risk, with a low investment-grade credit rating and stable outlook, but there is not as much margin increasing the debt burden now as there was a few years ago.From our perspective, 'manageable debt burden' and 'investment-grade credit rating,' the two positive factors that are invariably pointed out by economic managers any time concerns are expressed, are not really the point.

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Global public debt hit a record $97T in 2023GENEVA, Switzerland — Global public debt rose to a record $97 trillion last year, the United Nations reported on Tuesday, with developing countries owing roughly one-third of that — crimping their ability to pay for basic government services like health care, education and climate action.
Source: TheManilaTimes - 🏆 2. / 92 Read more »