ICMB (International Center for Monetary and Banking Studies) assumes at its 16th annual report (GENEVA REPORTS ON THE WORLD ECONOMY 16) “A poisonous combination” of record debts and decreasing of economic growth confirm the concerns that world economy might take towards a new crisis. The research made by prominent economists, among who three ex-heads of national banks, says that the rate of interests are going to stay low “for a very long time” all over the world so the households, entrepreneurs and governments could serve their debts and avoid bankruptcy. According to them, the regulatory bodies all over the world will use direct measures like limiting the amount of drawings to prevent a new increase of demand on drawings with low interest rate resulting to growth of debt. They are stressing on the accumulating arrears when the majority tells about the great decrease of debt burden in world economy. Although the debt burden of financial sector decreased, especially in the USA, and the debts of households respectively to rates of incomes stopped their growth, a fast growth of public debt in rich countries and corporative debt in respectively, especially in China still remains.
The Financial Times says that the Report warns about “poisonous combination of already high and still increasing world debt, slowdown in nominal GDP growth, provoked both by deceleration of economy growth and decreasing of inflation rate. Total amount of public and non-public world debt escalated from the mark of 160 % of national income in 2001 to nearly 200% in 2009 and 215 % in 2013. “Despite the widespread belief, the world hasn’t got rid of debts and the correlation between global liability and GDP has a tendency to increase and reach new maximums” – says the report.
VectorNews info: Founded in 1972 in Geneva, the International Center for Monetary and Banking Studies (ICMB) aims at facilitating the exchange of ideas, information and research in the fields of international money, banking and finance. Its characteristic is to bring together leaders from three fields: central bankers, private bankers and academics.
It is noncommercial organization financed by central European banks (The Banque de France, Banca d'Italia, Banco de Espa?a, Deutsche Bundesbank, de Nederlandsche Bank, the Swiss National Bank) and big European commercial banks.
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