Global Debt Surge Raising Alarms of Next Financial Crisis
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Global debt has surged over the past 50 years, with 3 out of 4 'tidal waves' of debt ending in crisis. The 4th wave began in 2010 and its fate is still unknown.
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Total global debt now stands at $307 trillion, driven by advanced economies like the US and UK. But growth is slowing, making debt tougher to service.
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Poorer countries are being "crushed" by debt, with over 50% of revenues going to interest costs in some African nations. Defaults hit record highs in 2022.
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Even richer nations like the US and UK face stunted growth as more revenues go towards debt interest rather than public services.
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Economists warn time is running out to boost growth and avoid a 'lost decade' caused by excessive global debt burdens.