The world’s $164tn debt pile is bigger than at the height of the financial crisis a decade ago, the IMF has warned, sounding the alarm on excessive global borrowing.
The fund said the private and public sectors urgently needed to cut debt levels to improve the resilience of the global economy and provide greater firefighting capability if things went wrong.
“Fiscal stimulus to support demand is no longer the priority,” the IMF said yesterday in a report published at its spring meetings in Washington.
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