The Secretary-General of United Nations Conference on Trade and Development (UNCTAD), Rebeca Grynspan, has sounded a loud alarm, revealing that a staggering $31 trillion debt burden is hampering the growth of developing countries worldwide. Speaking at the UNCTAD 195 Member States gathering in Geneva, she emphasized that this financial weight is a critical obstacle to sustainable development, creating a “debt and development crisis” where nations face impossible choices—either to default or sacrifice vital growth investments.
Grynspan stressed that avoiding a destructive tariff war remains essential as 72% of global trade still follows WTO rules, but rising tariffs, record debt repayments, and mistrust threaten to derail progress. She highlighted how the current international trade system benefits richer nations disproportionately, with transport costs and digital divides further widening the gap—especially as over 2.6 billion people, mostly women in developing countries, remain offline.
The UNCTAD boss called for stronger international efforts to support vulnerable nations and praised the ongoing global reform discussions aimed at creating a fairer, more inclusive economic system. She urged countries to come together and shape a future where development is not crippled by debt or inequality, but fueled by responsible policies and genuine cooperation.
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