WEF president: 'We haven't seen this kind of debt since the Napoleonic Wars'
Publishing timestamp: 2024-04-28 07:09:01
Summary
Borge Brende, president of World Economic Forum, gave a stark outlook for the global economy, warning of a decade of low growth if the right economic measures are not applied. He highlighted the risks of high global debt ratios, persistent inflationary pressures, and the potential for generative artificial intelligence to be an opportunity for the developing world. IMF also raised concerns about global public debt levels nearing 100% of GDP by the end of the decade, with high debt levels in China and the United States putting pressure on rates and funding costs worldwide. Despite these challenges, the IMF slightly raised its global growth forecast, citing the world economy's resilience. Brende also pointed out that the biggest risk for the global economy is the geopolitical tensions, such as those between Iran and Israel, which could have significant impacts on oil prices and the global economy.
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