BERLIN: Wolfgang Schaeuble, Germany’s finance minister said “debt levels in the global economy continue to give cause for concern”.
As the chart from consultancy firm McKinsey shows, from 2007 to mid-2014, debt levels around the world ballooned by US$57 trillion to $US199 trillion, a figure that represents some 286% of current global output. In 2000 that percentage was at 246%.
Singling out China in particular, Schaeuble noted that “debt has nearly quadrupled since 2007″, adding that it’s “growth appears to be built on debt, driven by a real estate boom and shadow banks”.
