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Economist Nouriel Roubini has warned about an impending economic crisis in the global economy that policymakers will likely not be able to handle.
Following the explosion of leverage, borrowing, and deficits in recent decades, the world economy is now moving towards an “unprecedented confluence” of financial, debt, and economic crises, Roubini warned in a Dec. 2 article for Project Syndicate. Households, corporations, financial entities, governments, pension plans, and so on are now burdened with massive amounts of debt that will only “continue to grow as societies age.”
Total private and public sector debt as a share of GDP rose to 350 percent in 2021 from 200 percent in 1999. In the United States, this stands at 420 percent, while in China it is at 330 percent.
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