Title : World Bank Warns That A Massive Debt Wave Could Crash On Developing Countries
link : World Bank Warns That A Massive Debt Wave Could Crash On Developing Countries
World Bank Warns That A Massive Debt Wave Could Crash On Developing Countries
Washington (AFP) - A wave of debt in emerging and developing nations has grown faster and larger than in any period of the last five decades and could end with another crisis, the World Bank warned Thursday.
And if the wave breaks, it could be more damaging since it would engulf private companies in addition to governments, at a time when economic growth is sluggish, according to a new report that covers four debt surges from 1970-2018.
"The size, speed and breadth of the latest debt wave should concern us all," World Bank President David Malpass said in a statement.
"Clearly, it's time for course corrections," he added.
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WNU Editor: Most countries are like the U.S.. There is no appreciation on how today's debts will impact spending in the future .... U.S. budget watchdogs howl over deficit-ballooning deals (The Hill).
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