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	People in poverty continue to pay the high price of a debt crisis not of their making by UN News, OHCHR, Debt Justice, Caritas, agencies   16 June 2026   UNICEF Executive Director Catherine Russell remarks at the Annual Session of the UNICEF Executive Board. (Extract):   "I’d like to highlight an issue that has deeply concerning implications for whether children can realize their right to essential services and care – the fiscal burden of servicing huge and unsustainable debt.   “Today, nearly 400 million children live in countries where debt burdens are outpacing investment in health, education, and nutrition. In 37 countries, home to approximately 1.1 billion children, governments now spend more servicing debt than they do on health. This means less available resources for children’s vaccines, medicine, and primary health care.   “The consequences are profound. These countries account for an estimated 3.2 million under-five deaths, and 96 million stunted children each year.   “In other words, children are suffering and dying because their governments are spending increasingly high levels of their revenue to service their debts – resources that could otherwise be used on essential services.   “How the world responds to this debt crisis is one of the most consequential questions for children everywhere. The choices made now – on debt restructuring, on fiscal space, on what gets protected, and what gets cut – will shape the trajectory of an entire generation.   “Three decades ago, we saw some success in debt reduction. Debt relief initiatives helped create fiscal space for investments in child survival, education, and development. This created a fresh start for some fragile states. However, many countries eventually experienced a return to the high risk of debt distress due to global commodity price drops, climate shocks, and new borrowing.   “Debt sustainability is often discussed in financial terms. But for children, it is ultimately about whether schools remain open, whether health workers are paid, whether nutrition programmes continue, and whether governments can invest in the next generation.   “In this sense, debt is not only a financial issue. It is a child-rights issue. And protecting children's rights requires protecting investments in children.   “UNICEF will continue to work with governments, international financial institutions, development banks, and partners – including the Vatican – to ensure that children remain at the center of the conversation on debt restructuring, fiscal policy, and development financing."   http://www.unicef.org/press-releases/unicef-executive-director-catherine-russell-remarks-annual-session-unicef-executive   May 2026   Cutting debt servicing costs for the world’s poorest countries could free up $900bn a year for development, a new report to the UN secretary general outlines.   Prepared by advocacy group Development Finance International (DFI), the analysis warned that the world is facing “the worst ever debt-provoked development crisis”.   The G77 developing countries spend a total of $8tn a year servicing their debts, the report showed – equating to an average of 35% of government spending. Six billion people are living in countries where spending on debt service is higher than the annual health budget.   The UN secretary general, Antonio Guterres, has previously called for global action on debt relief to free up resources to spend on meeting the sustainable development goals (SDGs). Specifically, he suggested debt restructuring for the hardest-hit countries; and halving borrowing costs for countries that need to borrow from financial markets.   In the new report, based on data from the International Monetary Fund (IMF), DFI modelled, country-by-country, the benefits of implementing such a plan.   In total, it found that halving borrowing costs for the 33 countries paying the highest interest rates, plus reducing repayments to 10% of government revenue for others – including those regularly hit by climate crises – could free up as much as $3tn a year to be spent on development.   What it suggests may be a more realistic plan, which excludes wealthier developing countries such as China, could still free up $917bn a year – allowing countries to more than double their social spending.   On average, the savings would be worth 9% of annual GDP for beneficiary countries. “If the international community can deliver comprehensive debt relief to countries which need it, and reduce the debt service burdens of many more, it will provide the fiscal space needed to fund the current SDGs,” the report said, adding, “the question is whether the world will find the political will to achieve these objectives, and relieve the suffering of billions of the world’s citizens.”   The report showed that the burden on developing countries is now greater than in the run-up to the Make Poverty History campaign in 2005, when   the UK government used its leadership of the G8 summit in Gleneagles to secure pledges of debt relief.   Today’s situation is more complex, with less direct bilateral lending from governments, and more private sector lending.   The IMF warned recently that the growing significance of private sector investors such as hedge funds as lenders puts developing countries at greater risk of higher interest rates and currency shocks – including as a result of the ongoing conflict in the Middle East.   These inflows of finance, “tend to be more volatile than bank flows and are increasingly sensitive to global risk conditions”, the IMF warned.   Higher borrowing costs as a result of the Iran war, which has restricted oil supplies and pushed up inflation, are expected to increase the burden on developing countries in the coming months.   Max Lawson, head of inequality policy at Oxfam, said: “Why should paying debts to rich bankers in London or New York be more important than feeding hungry people or getting kids in school? Global south governments were already on their knees, and are now facing a huge new food crisis caused by the Iran war. They need massive debt relief and they need it now.”   http://www.development-finance.org/en/news/894-5-may-oslo-debt-relief-could-allow-g77-to-double-social-climate-nature-spending http://www.theguardian.com/global-development/2026/may/06/cut-borrowing-costs-for-poorer-countries-to-free-up-900bn-for-development-report http://blogs.lse.ac.uk/inequalities/2026/06/02/does-the-design-of-the-international-monetary-system-sustain-inequality/ http://wir2026.wid.world/insight/exorbitant-privilege/   People in poverty continue to pay the high price of a debt crisis not of their making, by Olivier De Schutter - UN Special Rapporteur on extreme poverty and human rights:   The international financial system is failing to address the catastrophic debt crisis that is engulfing developing countries and causing misery for hundreds of millions of people, the UN’s poverty expert said today.   “The debt crisis is not just a fiscal issue; it is a full-blown human rights crisis,” said the UN Special Rapporteur on extreme poverty and human rights, Olivier De Schutter, on the International Day for the Eradication of Poverty.   “In the poorest countries of the world people are struggling to eat, access health services or send their children to school, while their governments shell out billions of dollars to pay back loans to wealthy creditors.   “Making a bad situation worse, countries with the highest levels of debt also tend to be those most vulnerable to climate change, but are being forced to prioritise debt repayments over addressing the severe consequences of the climate crisis.”   The expert warned that rocketing interest rates since the Covid-19 pandemic were sinking countries in the Global South further into debt.   In 2023, a record 54 developing countries allocated 10% or more of government revenue to paying off the interest on their debt, leaving “little room for countries to spend on poverty-busting public services such as education or social protection”. 3.3 billion people live in countries that spend more on interest payments than on either education or health. Interest rates demanded from developing countries are also much higher than those paid by rich countries. African countries borrow money at almost four times the rate paid by the United States, despite the astronomical level of US debt.   “This perverse scenario has been playing out in the Global South for years, accelerating the freefall into poverty seen since the pandemic,” De Schutter said.   “Creditors have responded too little, too late. The G20’s ‘Common Framework’, agreed in 2020 to bring international financing institutions (IFIs), individual states and private lenders together to speed up debt restructuring, is simply not working.”   De Schutter called for immediate debt relief for countries in crisis and urgent reform of the international financial system to align with human rights.   “Banks and hedge funds have become huge players in the world of sovereign debt and should not be exempt from their human rights responsibilities. It is abhorrent that debt repayments to the world’s richest corporations are being paid at the expense of children’s education or healthcare. Governments must introduce legislation to compel private creditors under their jurisdiction to participate in debt relief for low income countries.   “Comprehensive reform of the international financial architecture, as advocated by the recently agreed Pact of the Future, is also needed. The current system within the IFIs, characterised by unequal representation between high and low-income countries, unfavourable lending conditions, and unfair debt restructuring is trapping too many countries in a cycle of poverty.”   The Special Rapporteur lamented the conditions attached to bailout packages from IFIs which, with their demands for austerity measures, sale of state assets and, at times, surcharges already denounced by UN human rights experts, make it near impossible for states to comply with their human rights obligations and lock countries into unsustainable growth patterns that have only worsened poverty and inequality.   “With Pakistan recently agreeing to its 24th bailout from the International Monetary Fund, which hinged on the country accepting what the Prime Minister called ‘conditions beyond imagination’, it is clear that people in poverty will continue to pay the high price of a debt crisis that is not of their making,” the expert said.   “The solution to the debt crisis is neither to stimulate economic growth at all costs, nor to impose austerity policies. It is to cancel or restructure debt, and to focus on public investment, particularly in social protection, that will restore the prospect of long-term prosperity.”   Global financial architecture needs urgent reform to uphold equality and human rights   The global financial system must be rebuilt on the principles of equality, solidarity, and human dignity that underpin the United Nations Charter, a UN expert told the UN General Assembly.   The Independent Expert on the promotion of a democratic and equitable international order, George Katrougalos, presented his report to Member States, calling for bold and comprehensive reforms to create a fairer and more inclusive financial architecture.   The expert underlined that the current system continues to reflect the disproportionate influence of the global North. Katrougalos said that the report is not about assigning blame but about promoting reforms for fairer and more inclusive global financial governance, through open and forward-looking dialogue.   “Although international financial institutions claim neutrality, their policies prioritise market liberalisation, deregulation, and fiscal discipline over social equity,” he noted.   “They directly affect how much a country can invest in education, health, and social protection, and how it can respond to crises while maintaining its dignity and independence,” the expert said, warning that austerity and structural adjustment policies have often weakened labour protections, curtailed access to public services, and eroded democratic participation.   The expert underscored that economic policy cannot be treated as neutral or detached from human rights obligations. Financial institutions, as specialised intergovernmental organisations, are bound by the UN Charter and international law, including universal human rights treaties.   Yet, despite frequent references to human rights, climate action, or social inclusion in policy statements, these commitments rarely result in binding measures or transparent accountability.   He noted that, in 2023, developing countries transferred an estimated US$ 263 billion to the wealthiest 1 percent in the global North, while many low- and middle-income countries devoted nearly half of their national budgets to servicing external debt.   The report calls for a realignment of the Bretton Woods institutions around democratised governance, stronger accountability, and the integration of human rights into all aspects of financial decision-making. It urges the General Assembly to seek an International Court of Justice advisory opinion on the legal obligations of the International Monetary Fund and the World Bank to respect fundamental human rights.   Katrougalos said reform is both urgent and possible. “A democratic and equitable international order is not merely an aspiration but an obligation,” he said. “Only by placing people before profit and dignity before debt can we build a fairer, more sustainable global economy.”   http://www.ohchr.org/en/press-releases/2025/10/global-financial-architecture-needs-urgent-reform-uphold-equality-and-human http://www.srpoverty.org/2024/10/17/statement-international-financial-system-not-fit-for-purpose-to-address-catastrophic-debt-crisis-un-poverty-expert/ http://www.ohchr.org/en/documents/thematic-reports/a79142-report-independent-expert-effects-foreign-debt-and-other-related http://www.ohchr.org/en/special-procedures/ie-foreign-debt/annual-thematic-reports http://www.undp.org/press-releases/development-gains-reverse-high-debt-servicing-bears-disproportionate-impacts-women-55-million-jobs-risk http://www.lse.ac.uk/granthaminstitute/news/overlooking-nature-is-no-longer-an-option-for-fiscal-policy-and-debt-sustainability-analyses http://www.ohchr.org/en/statements-and-speeches/2025/02/asg-brands-kehris-current-international-debt-architecture-unfair   http://www.ohchr.org/en/press-releases/2025/02/fair-and-effective-tax-policies-needed-advance-economic-social-and-cultural http://www.cesr.org/leading-voices-call-for-a-new-development-human-rights-centered-approach-to-sovereign-debt-at-paper-series-launch/ http://iej.org.za/category/resourcing-for-rights-realisation/resourcing-for-rights-realisation_debt-justice/ http://www.ipsnews.net/2025/01/developing-countries-choked-debt-year-breaking-free/ http://debtjustice.org.uk/press-release/lower-income-country-debt-payments-hit-highest-level-in-30-years http://debtjustice.org.uk/news http://cafod.org.uk/campaign/the-new-debt-crisis http://tinyurl.com/y45jmkdd http://www.eurodad.org/g20_imf_world_bank_fail_debt_crisis   Oct. 2025   Urgent calls for debt relief as study shows health and education cuts in developing world   Top economists are demanding urgent action on debt relief in Washington this week, as analysis from the campaign group Debt Justice shows struggling governments are cutting back on health and education.   As finance ministers and central bankers gather for the International Monetary Fund (IMF) and World Bank annual meetings, influential experts including the Nobel laureate Joseph Stiglitz, and leading economists Mariana Mazzucato and Jayati Ghosh, are urging them to “turn debt into hope”.   They are calling for the urgent replenishment of the IMF and World Bank’s debt relief funds, and changes to the way the institutions work, to ensure more countries can receive debt cancellation.   “Bold action on debt means more children in classrooms, more nurses in hospitals, more action on climate change, more jobs, more trade, and less need for aid,” they say in a letter to global policymakers published this week.   The signatories, who have been involved in producing important recent reports on debt relief, including for the UN secretary general and the pope, said African governments spend an average of 17% of their revenues on servicing debts.   “A cap of 10% in 21 countries could unlock enough money to provide clean water and sanitation to roughly 10 million people, as well as avert at least 23,000 under-5 deaths each year,” they argue.   Other signatories to the letter include the former South African finance minister Trevor Manuel, and former Italian prime minister Paulo Gentiloni.   Analysis by the UK-based Debt Justice shows declining health and education spending in countries whose debts the IMF considers to be “sustainable”.   Debt Justice looked at a group of 11 countries, including Sierra Leone, Mozambique, Kenya and Pakistan, which have long-term IMF programmes, and where the Washington-based lender classifies them as at risk of not being able to repay – but that do not qualify for debt relief.   The research finds that over the course of their IMF programmes, health spending per person in this group of countries has been cut by 18% on average in real terms with education spending reduced by 10%.   Heidi Chow, the executive director of Debt Justice, said: “By denying debt relief for countries that need it, the IMF is acting as a debt collector for rich and powerful creditors, while harming millions of people in debtor countries. Forcing countries to pay debts in full is leading to deepening crises in health, education and vital public services.”   Debt Justice is calling on the IMF to review how it decides when countries are entitled to debt relief, and assess the impact of spending cuts on development goals.   http://debtjustice.org.uk/press-release/imf-denials-of-debt-relief-triggering-drastic-health-and-education-spending-cuts-in-lower-income-countries http://data.one.org/2025-debt-open-letter   June 2025 (Columbia University-Initiative for Policy Dialogue, Caritas)   A new report by world-leading experts on debt and development calls for urgent action and systemic reforms to tackle the escalating debt and development crises affecting billions worldwide.   “The Jubilee Report: A Blueprint for Tackling the Debt and Development Crises and Creating the Financial Foundations for a Sustainable People-Centered Global Economy,” is authored by Pope Francis’ Jubilee Commission — a group of over 30 leading global experts led by Nobel laureate and Columbia University Professor Joseph Stiglitz and Columbia University School of International and Public Affairs Professor Martín Guzman.   The report follows Pope Francis’ repeated calls for global debt relief, which are now being carried forward by Pope Leo XIV, and brings together for the first time a combination of sound economic expertise with the moral responsibility to act.   The report powerfully shows that the debt crisis plaguing our global financial system is also fueling a development crisis. Fifty-four developing countries now spend 10% or more of their tax revenues just on interest payments.   Across the developing world, average interest burdens have nearly doubled in the past decade. This diverts resources away from essential investments in health, education, infrastructure, and climate resilience -depriving millions of life-saving care, nutrition and employment. This does not have to be the case: Solutions exist that are both economically sound and beneficial to all.   As global market uncertainty grows and refinancing options diminish for debt-distressed nations, this report charts a bold and practical path forward, arguing that, through shared responsibility we can avoid a lost decade for development and climate action and instead support economic recovery and long-term development.   The report presents a moral and practical vision: that global finance should serve people and the planet — not punish the poor to protect profits.   http://ipdcolumbia.org/publication/jubilee-debt-development-blueprint/ http://www.caritas.org/2025/06/why-the-jubilee-report-calls-for-a-rethink-of-global-debt/ http://ipdcolumbia.org/wp-content/uploads/2025/06/Jubilee-Report-7.17.pdf http://www.caritas.org/2025/07/church-groups-say-more-action-needed-on-global-debt-crisis/ http://www.oxfam.org/en/research/private-profit-public-power-financing-development-not-oligarchy   June 2025   United Nations Secretary-General launches report to break “the cycle of debt distress”. (UN News)   The United Nations Secretary-General has presented new recommendations–Confronting the Debt Crisis: 11 Actions to Unlock Sustainable Financing–that aim to break the cycle of debt distress and lay the foundation for unlocking long-term, affordable financing that supports sustainable development.   With two-thirds of low-income countries now at high risk of—or already in—debt distress, the report highlights a growing crisis: soaring debt service costs are crowding out vital investments in education, health, and climate resilience.   “The current global debt system is unsustainable, unfair and unaffordable, with many governments spending more on debt payments than on essentials like health and education combined,” said the Secretary-General. “These 11 immediately actionable proposals can help resolve the debt crisis, empower borrower countries, and create a fairer system.”   Prepared by the UN Secretary-General’s Expert Group on Debt, the report reinforces the commitments put forward in the FfD4 Outcome Document and makes the case that an end to the debt crisis is entirely feasible—if opportunities are seized.   http://www.un.org/sustainabledevelopment/blog/2025/06/ffd4-press-release-sg-report-2025 http://news.un.org/en/story/2025/06/1165051 http://unctad.org/publication/world-of-debt http://www.ohchr.org/en/special-procedures/ie-foreign-debt/annual-thematic-reports   Mar. 2025   Debt crisis threatens progress in the response to AIDS   The significant health progress made over the past decade in Central, Eastern, Southern and West Africa—where many countries were on track to ending their AIDS epidemics—is now at risk of being reversed due to inadequate financing. One of the major causes of the funding shortfall is rising debts.   In 2020, as the Covid-19 pandemic halted economies and overwhelmed emergency rooms, many African countries borrowed from creditors to provide emergency services to their citizens. But four years later, the terms of those loans are forcing governments to make debt payments at the expense of health and other social services. Nearly two thirds of people living with HIV reside in countries that have not received significant debt relief post-Covid.   In West and Central Africa, debt to GDP ratios increased by 9 percent between 2018 and 2023. Countries such as Burkina Faso, Burundi, the Republic of the Congo, Cote d’Ivoire, Ghana, Liberia, Senegal and Sierra Leone have seen significant rises in their debt burden, now reaching at least 15% of GDP.   In East and Southern Africa, the situation is even more dire: in Angola, Kenya, Malawi, Rwanda, Uganda and Zambia, governments spend over 50 percent of their tax revenues on debt servicing. Many of these debts are from external private creditors seeking unreasonable profits – for example, one creditor in Zambia would make a 110 percent profit if the country paid back its debts. (As context, even highly profitable companies like Apple do not have profits that surpass 48 percent.)   Despite Zambia successfully reaching a debt restructuring deal with official creditors, effectively getting some debt relief last year, it’s still slated to pay two-thirds of its budget towards debts over the next two years largely due to not yet reaching a deal with private-creditors.   On the ground, crises are already proliferating; hospitals lack essential medicines and equipment. Labor unions and health activists have rallied across Lusaka demanding debt cancellation.   “Countries are facing life and death decisions,” said Charles Birungi, who leads UNAIDS’ work on macroeconomic and fiscal policy. “Do I pay for hospitals, medicines and education – or do I pay my debt? What if paying my debt means that my hospitals go without drugs?”   Two recent UNAIDS reports focusing on Eastern and Southern Africa and on Western and Central Africa outline that the future of funding for the HIV response in many African countries, as well as broader health and social welfare, rests on innovative measures to ensure governments can invest their own tax revenue for citizens.   “Progress is being made in the fight against HIV in both regions,” said one of the report authors and development finance specialist Gail Hurley. “Of course there were setbacks, including those related to Covid-19, but external funding and strong political commitment has provided a solid foundation to build on. Countries now need partial or even whole scale debt relief in order to achieve global health goals.”   Debt relief is especially critical for countries that want to move away from relying on international donors to finance their HIV responses. In East and Southern Africa, for instance, most HIV financing comes from two donors: the US President’s Emergency Plan for AIDS Relief (PEPFAR) and the Global Fund to fight AIDS, Tuberculosis and Malaria (which is also heavily supported by the US government). But without debt relief, countries cannot invest tax revenue in health systems.   Based on extensive consultation with economists and policy experts, UNAIDS has called for lenders and international institutions to re-negotiate debt payments to comprise at least less than 15 percent of respective countries’ annual budgets.   Such a policy for the heavily indebted countries of Angola, Burundi, Ethiopia, Kenya, Madagascar, Malawi, Mozambique, South Sudan, United Republic of Tanzania, Uganda, Zambia and Zimbabwe would free up $41 billion a year for health, education and social welfare.   The strategy has a precedent: the Heavily Indebted Poor Countries (HIPC) Initiative, launched in 1996 by the IMF and World Bank, aimed to ensure that states did not struggle under an unmanageable debt burden. It took a similar approach and relieved 37 countries of more than $100 billion in debt.   UNAIDS also recommends that governments increase tax revenue through measures like raising the income tax of the ultra-wealthy, wealth taxes, reducing tax exemptions and clamping down on tax-dodging. Amnesty International estimates that Zambia, for example, loses over USD 4.5 billion annually through tax evasion and tax avoidance.   Another option not included in the reports but recommended by UNAIDS’s partner WHO is a ‘health tax’ on products that lead to or exacerbate health issues, including sugary beverages, tobacco and alcohol.   In 2023, WHO called on all countries to increase taxes on alcohol and sugary drinks (and has previously suggested taxes on tobacco). These monies could then be re-invested in health systems.   But UNAIDS cautions that even raising tax revenue will not be enough to address funding gaps unless it goes hand in hand with debt reduction. Without swift changes to enable African governments to invest in health, Birungi fears what the future could hold. “What happens if we wake up tomorrow and the donors are gone?” he asked. “Will we go back to the 80s and 90s when people were dying in massive numbers?”   http://www.unaids.org/en/resources/presscentre/featurestories/2025/march/20250320_debt-crisis http://www.un.org/ohrlls/content/opinion-piecesop-eds/building-resilience-least-developed-countries-pathway-sustainable-transformation http://www.srpoverty.org/2025/01/17/financing-social-protection-floors-contribution-of-the-special-rapporteur-to-ffd4/ http://reliefweb.int/report/world/human-cost-public-sector-cuts-africa-april-2025 http://actionaid.org/publications/2025/human-cost-public-cuts-africa
	Humanity’s future requires the urgent overhaul of the world’s existing accounting systems by UN News, OHCHR, news agencies   Jan. 2026   Humanity’s future required the urgent overhaul of the world’s existing accounting systems, says UN chief. (Guardian news, agencies)   The global economy must be radically transformed to stop it rewarding pollution and waste, UN secretary general Antonio Guterres has warned. Speaking to the Guardian after the UN hosted a meeting of leading global economists, Guterres said humanity’s future required the urgent overhaul of the world’s “existing accounting systems” he said were driving the planet to the brink of disaster.   “We must place true value on the environment and go beyond gross domestic product as a measure of human progress and wellbeing. Let us not forget that when we destroy a forest, we are creating GDP. When we overfish, we are creating GDP.”   For decades, politicians and policymakers have prioritised growth – as measured by GDP – as the overarching economic goal. But critics argue that endless, indiscriminate growth on a planet with finite resources is driving not only the climate and nature crisis but increasing inequality.   Guterres said: “Moving beyond gross domestic product is about measuring the things that really matter to people and their communities. GDP tells us the cost of everything, and the value of nothing. Our world is not a gigantic corporation. Financial decisions should be based on more than a snapshot of profit and loss.”   In January, the UN held a conference in Geneva titled Beyond GDP attended by senior economists from around the world – including Nobel laureate Joseph Stiglitz, leading Indian economist Kaushik Basu and equity expert Nora Lustig. They are part of a group set up by Guterres that has been tasked with devising a new dashboard of measures of economic success that takes “human wellbeing, sustainability and equity” into account.   A report published by the group late last year argued that, as the world wrestled with repeated global shocks over the past two decades, the need for an economic transformation had become increasingly urgent – from the financial crash of 2008 to the Covid-19 pandemic.   It said those events were exacerbated by the “triple planetary crisis of climate change, biodiversity loss, and pollution” and, in addition, warned that rapid technological change was upending labour markets and exacerbating growing inequality.   Prof Basu, who co-chairs the UN group alongside Lustig, said: “Nations are so locked into the game of beating other nations in terms of the GDP metric, that the wellbeing of ordinary citizens and sustainability are getting ignored.   “If all the new income accrues to a few individuals, and the GDP grows, all citizens are expected to cheer. This is feeding hyper-nationalism, inequality and polarisation.”   Prof Lustig said GDP had never been “designed to measure human progress, yet it remains the dominant benchmark of success.”   “Economic growth can coexist with poverty, exclusion, violence, and serious violations of human rights – outcomes that remain largely invisible in conventional economic accounts … The group’s aim is not to replace GDP but to complement it, helping governments and the public assess whether development is truly improving human wellbeing, advancing equity, and safeguarding sustainability now and for future generations.”   The UN initiative follows a report published last week that said current economic models are fundamentally flawed because they failed to account of the impact of climate shocks such as extreme weather disasters and tipping points, and could crash the global economy. These concerns come amid a growing debate in academia, civil society and policy circles about how to create economic structures that are compatible with greater equality and sustainability.   http://www.un.org/beyondgdp http://news.un.org/en/story/2026/05/1167457 http://www.hrw.org/news/2026/05/21/milestone-un-reports-advocate-moving-beyond-gdp http://www.ohchr.org/en/stories/2025/10/more-gdp-measuring-what-really-matters-people-and-rights http://www.thebeyondlab.org/article/event-summary-unctad16-parallel-event-beyond-gdp http://www.un.org/en/beyondGDP/documents   Jan. 2026   Economic Growth at any cost fails us All, by Olivier De Schutter - UN Special Rapporteur on extreme poverty and human rights. (Time Magazine)   Last week, powerful politicians and business leaders gathered in Davos, promising to “unlock new sources of growth” to solve the world’s many crises. Poverty, climate breakdown, and political instability—all, we were told, can be fixed if only we grow our economies a little faster.   It is a familiar refrain that we have seen in countless other global gatherings—from the G7 to the G20 and IMF-World bank meetings in Washington D.C., But my six years of experience as the United Nations’ expert on poverty have taught me at least one thing: it is profoundly misguided. Economic growth is no magic bullet. And it certainly won’t solve global poverty.   Historically, the global economy everyone is so desperate to grow, has funneled vast wealth into the hands of a few, trapped millions in insecure and poorly-paid work to boost corporate profits, relied on the plundering of natural resources and the exploitation of cheap labour in the Global South and has caused irreparable damage to the planet.   This is not a system that has gone slightly off course. It is one that is fundamentally unfit for purpose.   At Davos, economic growth was not defended cautiously; it was celebrated. U.S. President Donald Trump boasted of growth “no country has ever seen before." And Managing Director of the International Monetary Fund, Kristalina Georgieva, described the 3.3% global growth forecast as “beautiful but not enough. “   The response from the top, to any claims that growth may be causing more harm than good,, is to reach for “green growth”—the idea that, when done right, economic growth can be accompanied by a reduction in its ecological footprint.   China’s Vice-Premier He Lifeng’s Davos speech was littered with references to “global green and low-carbon development”, “green production capacity”, “green finance”, and a “green and prosperous future”.   Yet even under the best conditions, a growing body of evidence shows that the absolute decoupling of gross domestic product (GDP) from environmental degradation—growing the economy while simultaneously reducing resource use, biodiversity loss, waste, and pollution—is impossible. Technological advances simply cannot compensate for an economic model built on ever-expanding production and consumption.   As I told the UN Human Rights Council when presenting my 2024 report on Eradicating Poverty Beyond Growth, the global economy, in its current form, will only ever serve a tiny minority. And it will always do so at the expense of the planet and the vast majority of people who live on it.   Given the evidence at hand, it beggars belief that world leaders continue to shout from the mountaintops of Davos that we need yet more growth. One is left to wonder whether they—as members of the economic elite—stand to benefit personally, or if they have simply run out of imagination.   Outside the conference halls, however, imagination is very much alive. This week’s first annual Reclaim the Economy Week reflects a growing global demand for fresh thinking, with individuals and collectives uniting to demand an economy that puts people and planet first.   And a new development model is emerging on the back of my report to the UN—one that breaks from the outdated formula of prioritizing economic growth first and attempting to redistribute through taxes and transfers later.   This alternative approach to global poverty eradication is being built by a growing alliance of UN agencies, governments, civil society organisations, academics, trade unions, and others. Now, this approach is being translated into a Roadmap for Eradicating Poverty Beyond Growth, which I will present to the UN later this year.   The aim of the roadmap is not abstract theory, but practical change: a set of concrete policy options for governments in both the global north and south that shift economies away from profit maximization and towards the fulfilment of human rights.   This shift requires better rewarding work according to its social and ecological value—raising wages for essential workers, while placing limits on pay in destructive industries such as fossil fuels or tobacco. And we can benefit from job-guarantee programs whereby the government guarantees a job to anyone willing and able to work.   Our approach should also include debt cancellation and restructuring, because it is indefensible that 3.4 billion people live in countries that spend more on interest payments than on health or education.   The policies detailed in our roadmap will also guide governments towards deeper structural change: reclaiming economic decision-making, bringing democratic control to the financial system through the taxation of extreme wealth and investment in care and public services; restoring and protecting the commons; supporting just transitions to renewable energy and sustainable food systems; and holding corporations accountable for environmental destruction, labour abuses, and human rights violations.   These are the bold—but achievable—measures that could positively shape the next generation of efforts to end poverty, including the globally agreed development goals that will succeed the Sustainable Development Goals in 2030. Unfortunately, these pragmatic policies will remain out of reach as long as we cling to the belief that economic growth equals human progress.   After nearly a century of being told that the most important metric in all of our lives is how fast the economy grows, this may sound radical. But it is far less reckless than continuing to defend an economic system whose rules are written by and for billionaires and multinational corporations—and then acting surprised when it fails everyone else.   http://www.ohchr.org/en/press-releases/2026/04/un-backed-roadmap-provides-blueprint-eradicating-poverty-beyond-growth-un http://www.srpoverty.org/2026/01/27/time-opinion-economic-growth-at-any-cost-fails-us-all/ http://www.neep-poverty.org/roadmap-for-eradicating-poverty-beyond-growth/ http://www.srpoverty.org/category/reports/ http://ipdcolumbia.org/event/landmark-g20-report-led-by-nobel-laureate-joseph-stiglitz-sounds-alarm-on-inequality-emergency-and-calls-for-international-panel-on-inequality/   Changing the rules of the global economy, by Olivier De Schutter, Joseph Stiglitz, Jayati Ghosh, Thomas Piketty, Kate Raworth and Jason Hickel, for OHCHR, New Economies for Eradicating Poverty:   "We live in an age of manufactured scarcity. In a world richer than ever before, roughly one 10th of the world’s population still lives in extreme destitution.   Millions of people cannot afford enough food, proper housing or basic healthcare, while a tiny minority accumulates unprecedented wealth and power.   At the same time, droughts, megafires, floods and heatwaves remind us that our economies are pushing the planet beyond its limits.   These are not separate crises. They are symptoms of an economic model that has reached the end of the road.   Poverty and inequality are not accidents; they are predictable outcomes of policy choices: how we design tax systems, regulate labour markets, value care, structure public services and decide whose needs and whose voices matter. Crucially, if governments can manufacture poverty, they can also dismantle it.   For decades, the recipe was simple: grow the economy, and poverty would gradually disappear. But the promise that economic growth would “lift all boats” has not been kept. While national incomes expanded, wages stagnated, work became more precarious and public services were cut. At the top, fortunes ballooned; at the bottom, families turned to food banks. Growth has become decoupled from shared prosperity.   It has also become ecologically unsustainable. We are edging towards a “hothouse Earth”, where rising emissions and biodiversity loss are destabilising the conditions that support human life.   Around 92% of excess global carbon emissions can be attributed to the global north, and the wealthiest 10% of individuals are responsible for nearly half of global emissions, while people in poverty are the first to face crop failures and rising food prices. An economic model that depends on endless expansion on a finite planet is not just unfair; it is dangerous   Many low‑income countries still need growth to build roads, hospitals, schools, renewable energy and decent jobs. But the dominant path to growth – based on resource extraction, cheap and compliant labour, export dependence and deepening debt – has widened inequality and degraded the environment.   The real question today is not whether growth continues, but what kind of economies we are building, who they serve and whether they allow everyone to live in dignity within planetary boundaries.   That is why we have come together to develop and support the “roadmap for eradicating poverty beyond growth”. The roadmap provides a range of alternatives on how to move beyond the narrow “grow-tax-transfer” approach that has shaped policy for decades. It is not a blueprint shaped by a handful of experts, it is the exact opposite.   Over 18 months UN agencies, national governments, academic experts, civil society organisations, trade unions, social and solidarity economy actors and grassroots movements, from the global north and south – worked to answer a simple question: how can we end poverty and reduce inequalities without treating GDP growth as the primary condition for progress?   We do not agree on every policy detail. But we are united in the conviction that our economies must be redesigned around the fulfilment of rights and collective wellbeing within planetary boundaries, rather than maximising output at any cost.   Human rights here are not an afterthought; they are the organising principle for how we measure progress, set priorities and resolve trade‑offs. Social protection and public services are essential, but they cannot indefinitely compensate for economies that by design generate poverty wages, insecure jobs and unaffordable housing.   We need to change the rules upstream. That means, for instance, decent work and employment guarantees, living wages and fair remuneration, stronger unions and workplace democracy, tackling discrimination and valuing the paid and unpaid care work on which our societies depend.   It means investing in children, housing, health, education and transport through universal public provisioning. It means public control of strategic assets, credit guidance to steer investment towards social and ecological priorities, and support for the development of the social and solidarity economy.   Implementing this vision means changing the rules of the global economy. Today, governments in the global south are chided for not doing enough to tackle poverty, while being squeezed by unilateral sanctions, restrictive trade agreements, unequal exchange and debt burdens rooted in centuries of colonial dispossession.   About 3.4 billion people live in countries that spend more on debt servicing than on healthcare or education. Meanwhile, global supply chains enable a vast net transfer of labour and resources from south to north.   International solidarity is therefore a legal and moral obligation rooted in the historical reality that many rich countries built their wealth by impoverishing the south, through patterns of extraction that continue today in new forms.   A just transition beyond growth must include debt justice, increased south-south cooperation, reparative climate finance and support for universal social protection floors, rooted in the principles of non-domination and self-determination so that countries can chart their own sovereign economic futures.   Equally crucial is who gets to shape this transition. All too often, policies affecting people in poverty are designed without them – and sometimes against them. When welfare systems are built around suspicion, sanctions and humiliating conditions, they deepen stigma and deter people from claiming their entitlements.   Those who live in poverty know better than anyone how systems can fail in practice. Their expertise must guide the design, implementation and monitoring of anti‑poverty strategies, from local councils to parliaments and international forums.   We are not starting from zero. Around the world, Indigenous struggles, feminist organising, trade unions and climate justice movements are defending and building alternative futures rooted in collective care and territorial rights.   New coalitions of states are advancing new visions of global economic governance, and governments are experimenting with rights‑based anti‑poverty strategies, citizens’ assemblies and community wealth building.   The UN and many partners are exploring “beyond GDP” indicators and new institutions, such as an international panel on inequality, to help chart this shift.   Our roadmap builds on these efforts, connects them and pushes them further. We offer it now as a common reference point for those who refuse to accept that poverty and ecological breakdown are the price to pay for how we currently define economic “success”.   Governments and multilateral institutions have a choice: double down on a failing growth-first model or commit to eradicating poverty by transforming the economic rules that produce it.   Poverty is manufactured. That is the bad news – and the good news. What has been manufactured can be dismantled and replaced. We are putting concrete options on the table, all backed by detailed policy profiles that spell out evidence, implementation steps and real‑world examples.   We call on political leaders at all levels to use them, to listen to those most affected, and to treat the end of poverty, the reduction of inequalities and the effective realisation of human rights as the measure by which economic policy should be judged".   * Olivier De Schutter is the chair of New Economies for Eradicating Poverty; Joseph Stiglitz is a Nobel laureate in economics; Jayati Ghosh is professor of economics at University of Massachusetts Amherst; Thomas Piketty is professor of economics at the Paris School of Economics; Kate Raworth is an economist at Oxford University’s Environmental Change Institute; Jason Hickel is a political economist and professor at the Autonomous University of Barcelona.   http://www.neep-poverty.org/roadmap-for-eradicating-poverty-beyond-growth/ http://www.ohchr.org/en/documents/thematic-reports/ahrc6242add2-roadmap-eradicating-poverty-beyond-growth-report-special http://www.neep-poverty.org/event/world-inequality-conference-2026/ http://www.neep-poverty.org http://www.ohchr.org/en/press-releases/2026/06/rethinking-progress-un-expert-calls-fight-poverty-beyond-growth-and-expand http://www.un.org/beyondgdp http://www.hrw.org/news/2026/05/21/milestone-un-reports-advocate-moving-beyond-gdp http://www.srpoverty.org/2026/01/27/time-opinion-economic-growth-at-any-cost-fails-us-all/http://www.ohchr.org/en/stories/2025/10/more-gdp-measuring-what-really-matters-people-and-rights   June 2026   The Global Justice Report: A Plan for Equality & Prosperity within Planetary Boundaries - World Inequality Lab   Imagine a future in which everyone enjoys high levels of wellbeing; where 90% of the world’s population doubles their income but works half the hours we work today. A world in which the bottom half of humanity sees its share of global wealth rise from just 2% today to 30%; a world where we consume enough, but nobody over-consumes. And imagine achieving this on a planet that can comfortably sustain human life without its climate breaking down.   Against the bleak techno-authoritarian futures now being sold to us, a radical new vision for global progress in the 21st century feels urgently needed. The most credible vision is one in which the habitability of the planet is a precondition for human development and equality.   Our new report examines the conditions required for the world to progress towards this ambition on an economically and ecologically compatible path, by the end of the century.   Its conclusion? A global transformation that reconciles planetary habitability and high standards of wellbeing for all is possible – as long as three conditions are simultaneously met.   Fast decarbonisation of energy systems is necessary. But we also need a major shift away from overconsumption towards “sufficiency”. This would involve a sharp reduction in labour hours and the use of raw materials, along with big changes in consumption patterns, food habits, land use and forest cover.   Financing and politically sustaining decarbonisation and sufficiency will require a drastic reduction in inequality of income, wealth and power, between countries and within them. This reduction of global inequality is compatible with deep decarbonisation; indeed, it is a necessary condition for shared prosperity on a finite planet.   The Global Justice Report is the first attempt to propose a fully quantified plan for this transition. It combines four dimensions that today’s debates often treat separately: redistribution at the world scale; a deep reform of the international financial and economic order; a radical transformation of energy systems; and substantial shifts in consumption patterns.   Compared with most climate scenarios (including those of the Intergovernmental Panel on Climate Change), the main novelty is that we model all four dimensions together – and place inequality and sufficiency at the centre of the analysis.   What would this transition deliver? At its heart is convergence between countries. Average per capita national income, today separated by a 16-fold gap between the poorest (€290 a month in sub-Saharan Africa) and richest (€4,590 in North America/Oceania) regions of the world, would rise towards a common level of about €5,000 a month in all countries by 2100.   But this convergence is not just monetary. Annual working hours per employed person would fall from roughly 2,100 to about 1,000, continuing the long shift towards shorter working time; while the share of global working hours devoted to education and health would rise from 11% to 43%. Women and men would converge on equal pay and on an equal share of economic and domestic labour.   All of this would unfold within a habitable climate. Thanks to sustainable convergence and fast decarbonisation, global heating would reach 1.8C, against more than 4C on current trends.   None of this will be possible without a deep contraction of inequality. The income scale between individuals would narrow to a ratio of one to five and the wealth scale to one to 10, prolonging what western and Nordic Europe achieved over the 20th century.   The share of global wealth held by the poorest half of humanity would rise from 2% to 30%, while the share held by the billionaire class would fall from 6% to 0.05%.   These shifts would be financed and governed through new institutions. A global justice fund would spend an average of 10% of world GDP a year from 2026 to 2060 on country dividends and investment, against the less than 0.4% that aid and the combined budgets of the UN, the International Monetary Fund (IMF) and the World Bank represent today.   Its resources would come from a world sovereign fund holding 10% of the world capital stock, a global wealth tax rising to 20% a year on billionaires and a global income tax rising to 90% at the very top, each touching about 1% of the world’s population.   The result is not a transfer from many to few but a gain for almost everyone. Close to 90% of the world’s population would double their income between 2026 and 2100, and once leisure and a habitable planet are counted, more than 99% come out ahead.   The plan also redistributes power. Today, the richest regions hold four times as many votes at the IMF and World Bank as their share of the world’s population would dictate; in the new order, every inhabitant would have equal voice, backed by an international clearing union and a new international currency to end the exorbitant privileges of the dominant powers and to address global trade imbalances.   Our report is part of a broader international agenda for planetary habitability, social justice and reform of the global financial architecture – including the Bridgetown agenda launched by Barbados in 2022, the Sevilla Commitment on development finance, the UN tax convention process, and G20 initiatives led by Brazil and South Africa on global inequality.   The main contribution of this report is to place these proposals within a quantified institutional framework, modelling socioeconomic convergence, temperature change and distributional trajectories up to the year 2100.   A habitable, equal and prosperous 21st century is materially possible. The carbon budget allows it and history offers precedents at comparable scales: universal suffrage, the universalisation of healthcare and education, the halving of working hours and the sharp compression of inequality over the 20th century.   Technical impossibility is not what is standing in the way, but rather the absence of a shared vision of social progress, at once concrete and radical. What it will take instead is political choice, and the hard work of coalition-building behind it.   * Thomas Piketty is a professor of economics at the Paris School of Economics and co-director of the World Inequality Lab; Lucas Chancel is professor of economics at Sciences Po Paris and co-director of the World Inequality Lab; Cornelia Mohren is environmental coordinator at the World Inequality Lab; Rowaida Moshrif is co-director at the World Inequality Lab; Moritz Odersky is an economist at the World Inequality Lab; Anmol Somanchi is global justice coordinator at the World Inequality Lab.   http://globaljusticeproject.wid.world/insight/summary/ http://globaljusticeproject.wid.world http://www.neep-poverty.org/event/world-inequality-conference-2026/   * World Inequality Report 2026   56,000 people own three times more wealth than half of humanity, highlights Ricardo Gomez-Carrera   Consider half of the world’s adult population, about 2.8 billion people, and add up everything they own: their houses, their savings, their belongings, minus their debts. Then do the same for the 56,000 wealthiest adults on the planet, a group small enough to fit inside a single football stadium. The stadium’s wealth would be greater. In fact, the wealth of the people of the stadium would be three times as large as that of half of humanity combined.   That is one of the headline findings of the World Inequality Report 2026, which I co-authored with Lucas Chancel, Rowaida Moshrif, and Thomas Piketty, and which draws on research and data compiled by more than 200 researchers affiliated with the World Inequality Database and the World Inequality Lab.   The report’s central message is simple and astonishing: the world is extremely unequal, and at the very top, extreme wealth inequality is still rapidly increasing.   Income inequality is large, but wealth inequality is extreme   The global top 10%, about 560 million adults, earn around 53% of all global income in a given year. The bottom half of humanity, 2.8 billion people, collectively receives 8%. So, 10% of the world earns more than 6 times what half of the world earns. That alone is a striking gap.   But when you look at wealth, the picture is far more extreme. The top 10% owns three-quarters of whatever there is to own while the bottom half holds only 2%. Meanwhile, the top 1% alone controls 37% of all wealth, roughly eighteen times more than the entire bottom 50%...   http://blogs.lse.ac.uk/inequalities/2026/05/12/56000-people-own-three-times-more-wealth-than-half-of-humanity/ http://wir2026.wid.world/insight/executive-summary/ http://wir2026.wid.world/ http://www.theguardian.com/commentisfree/2026/jun/10/economists-maths-growth-doomed-strategy-un-agencies-political-leaders http://www.ips-journal.eu/topics/democracy-and-society/the-rich-worlds-rich-problem-9130/ Visit the related web page
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