Choices on discount rates have important implications for the outcomes of economic evaluations of health interventions and policies. In global health, such evaluations typically apply a discount rate of 3 percent for health outcomes and costs, mirroring guidance developed for high‐income countries, notably the United States.The paper investigates the suitability of thes eguidelines for global health (i.e.,with a focus on low‐ and middle‐income countries), and seeks to identify best practice. Our analysis builds on an overview of the academic literature on discounting in health evaluations, existing academic or government‐related guidelines on discounting, are view on discount rates applied in economic evaluations in global health, and cross‐country macroeconomic data. The social discount rate generally applied in global health of 3 percent annually is in consistent with rates of economic growth experienced outside the most advanced economies. Forlow‐ and lower‐middle income countries, a discount rate of at least 5 percent is more appropriate, and one around 4 percent for upper‐middle income countries. Alternative approaches–e.g., motivated by the returns to alternative investments or by the cost of financing–could usefully be applied, dependent on policy context. The current practise could lead to systematic bias toward over‐valuing the future costs and health benefits of interventions. For health economic evaluations in global health, guidelines on discounting need to be adapted to take account of the different economic context of low‐ and middle‐income countries.