Developing countries racked up a “towering” $55tn of debt by the end of last year, in a borrowing surge since the financial crisis that has been the fastest and widest in modern history, according to World Bank research.
Fuelled by the era of very low interest rates, total debt has rocketed to 170 per cent of emerging markets’ gross domestic product, a 54 percentage point increase since 2010, according to a World Bank report published on Thursday.
The findings are likely to fan concerns that developing countries have accumulated debt levels that could quickly become unsustainable should global rates rise.
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