Currencies

Debt is piling up and it won’t end well for the world, economist warns


A mosaic collection of world currencies.

FrankvandenBergh | E+ | Getty Images

The world is looking at a debt crisis that will span the next 10 years and it’s not going to end well, economist Arthur Laffer has warned, with global borrowings hitting a record of $307.4 trillion last September. 

Both high-income countries as well as emerging markets have seen a substantial rise in their debt piles, which has grown by a $100 trillion from a decade ago, fueled in part by a high interest rate environment. 



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