Global cross-border capital flows have shrunk more than 60 per cent from their pre-crisis peak, with the UK seeing the biggest decline, highlighting the retrenchment in global finance and pressures on banks.
Loans and investment flows between countries were worth $4.6tn last year – down from $11.8tn in 2007, show calculations by McKinsey, the consultancy, in a study released today . Much of the decline was the result of Europe’s debt crisis. Capital flows were steadier in developing economies.
The sharp drop “has cast uncertainty over the future evolution of financial globalisation”, McKinsey said.
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