The Global South is grappling with a deepening public debt crisis that threatens sustainable development and global economic stability. Between 2010 and 2024, public debt in the global south surged from USD 8.6 trillion to USD 32.2 trillion, growing nearly fourfold and outpacing GDP growth, which increased only 1.8 times. As a result, the public debt-to-GDP ratio doubled to 76.2 percent, driven by high borrowing costs, sluggish economic performance, and external shocks such as the COVID-19 pandemic.

Abstract: Recent proposals under the WTO reform agenda have questioned the continued broad application of Special and Differential Treatment (S&DT) and called for a greater alignment of obligations across Members. This paper examines whether economic convergence since the establishment of the WTO supports such claims. Using GDP per capita data in both current US dollars and purchasing power parity (PPP) terms, the analysis evaluates income trends for developing Members relative to developed economy benchmarks.