The global economy has experienced four waves of broad-based debt accumulation over the past fifty years. In the latest wave, underway since 2010, global debt has grown to an all-time high of 230 percent of GDP in 2018. The debt buildup was particularly fast in emerging market and developing economies (EMDEs). Since 2010, total debt in these economies has risen by 54 percentage
points of GDP to a historic peak of about 170 percent of GDP in 2018. Following a steep fall during 2000-10, debt has also risen in low-income countries to 67 percent of GDP ($268 billion) in 2018, up from 48 percent of GDP (around $137 billion) in 2010.
SOURCE: Kose, A. Nagle, P. Ohnsorge, F. Sugawara, N. “Global Waves of Debt: Causes and Consequences.” International Bank for Reconstruction and Development, The World Bank, 2020.
The Brotherhood of St Laurence acknowledges and recognises the Traditional Owners of the land upon which we live and work, and we pay our respects to their Elders both past and present.
Produced by the librarians at the Brotherhood of St Laurence in Melbourne, Australia