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Ruchir Sharma writes: There is no easy escape from the global debt trap

Total debt more than tripled to 350 per cent of global GDP over the past four decades

©The Financial Times Limited 2020 Nov 22, 2021 / 12:47 PM IST
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Ruchir Sharma writes: There is no easy escape from the global debt trap

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One of the big mysteries in the global economy is why, though inflation is making a strong comeback, long-term interest rates have barely budged in recent months. So far analysts have explained this odd market behaviour as a symptom of the pandemic, driven by fear of another surge in cases, or massive central bank asset purchases, or — above all — a belief that the current inflation spike is temporary. None of these explanations hold up well in light of recent...

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