And if the wave breaks, it could be more damaging since it would engulf private companies in addition to governments, at a time when economic growth is sluggish, according to a new report that covers 4 debt surges from 1970-2018.
IMF chief Kristalina Georgieva on Thursday said developing nations in Africa especially need to strike the right balance between financing development and a manageable debt level.The IMF reported that total global debt rose to $188 trillion at the end of 2018, equivalent to nearly 230 percent of the world's economy.
After declining during the 2008 global financial crisis, amid very low borrowing costs in just eight years since 2010, debt in these countries climbed to an all-time high of roughly 170 percent of GDP or about $55 trillion. The report warns that the current debt wave "could follow the historical pattern and culminate in financial crises in these economies," especially if interest rates spike or if there is a sudden global shock.
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