Amman, Oct. 21 (Petra) UN General Assembly President Annalena Baerbock warned Tuesday that developing countries’ debt reached $31 billion last year.

Speaking via video at the opening of the 16th session of the United Nations Conference on Trade and Development (UNCTAD), Baerbock said this means that instead of investing in the future of their citizens by building more schools or expanding healthcare facilities, these countries are spending vast sums on debt servicing.

Baerbock added, according to the UN News website, that "trust in the international system is eroding," noting that despite the global economy exceeding $100 trillion annually, one in every two people worldwide has seen little to no income growth for a generation.

//Petra// AF