Amman: UN General Assembly President Annalena Baerbock warned Tuesday that developing countries' debt reached $31 billion last year.
According to Jordan News Agency, Baerbock spoke via video at the opening of the 16th session of the United Nations Conference on Trade and Development (UNCTAD), highlighting the financial strain on these nations. She pointed out that rather than investing in critical sectors like education and healthcare, these countries are forced to allocate substantial resources to debt servicing.
Baerbock further noted that "trust in the international system is eroding," accentuating the disparity between the global economy's growth and individual income stagnation. Despite the global economy surpassing $100 trillion annually, she remarked that half of the world's population has experienced minimal to no income growth over a generation.