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Developing nations forecast to lose $800B from debt and slowdown

UNCTAD expects global growth in 2023 to drop to 2.1%, but only if financial fallout from higher interest rates is contained.

Rising interest rates in advanced economies hit hard in developing countries.
Rising interest rates in advanced economies hit hard in developing countries. (AN/Maksym Kaharlytskyi/Unsplash

U.N. trade experts warn that developing countries face years of difficulty as the global economy slows down and financial turbulence increases.

The United Nations Trade and Development Conference estimated on Wednesday that interest rates hikes will cost developing countries more than $800 billion in future lost earnings.

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