The World Bank has warned against a fast-rising wave of debts in emerging and developing countries now standing at $55 trillion. Global Waves of Debt is a comprehensive study of the four major episodes of debt accumulation that have occurred in more than 100 countries since 1970. It found that the debt-to-GDP ratio of developing countries has climbed 54 percentage points to 168 per cent since the debt buildup began in 2010. The increase, moreover, has been exceptionally broad-based—involving government as well as private debt, and observable in virtually all regions across the world. “The size, speed, and breadth of the latest debt wave should concern us all,” said World Bank Group President David Malpass.

Source: Nigerian Tribune December 18, 2019 19:18 UTC