Developing countries are most acutely affected by the deteriorating global economic situation. This is stated in the new report of the United Nations Conference on Trade and Development (UNCTAD).

The organization estimates that global economic growth will be 2.1% in 2023, lower than before the pandemic and the 2008-2013 global economic crisis.

In 2022, 81 developing countries (excluding China) lost $241 billion in international reserves due to high inflation, higher interest rates and higher government borrowing costs. According to UNCTAD, the cost of servicing external debt for 68 emerging markets increased from 5.3% to 8.5%, experts expect further increased pressure from creditors.

UNCTAD emphasizes that the growth of debt will lead to a social crisis. Currently, the number of countries that spend more on servicing external debt than on health care has reached 62 (compared to 34 countries ten years ago). The organization's experts call on the international community to reform the international financial system, to pay special attention to the restructuring of the debt of developing countries. Among the possible measures are the launch of a multilateral debt settlement mechanism, the creation of a register of data on debt transactions, and the improvement of the methodology for analyzing debt sustainability.