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World economy engulfed by “debt tsunami” – WSWS
While the pandemic has played a major role, even before it struck the entire financial system and the global economy were becoming increasingly dependent on debt…
Global debt has risen to unprecedented levels since the onset of the COVID-19 pandemic in what the Institute for International Finance (IIF), whose members include over 400 banks and financial institutions, has characterised as an attack of the debt tsunami.
In its Global Debt Monitor report issued on Wednesday, the IIF, said global debt would set a new record and reach $277 trillion by the end of the year, equivalent to 365 percent of world GDP.
Spurred by a sharp rise in government and corporate…
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