Really frightening! From Gluskin Sheff’s David Rosenberg.
For the entire OECD countries, general government debt as a share of GDP alone has ballooned from 73% when the recession started in 2007 and will climb to a record 104% next year. It took 15 years for this ratio to go from 63% to 73% and just four years from 73% to 103%.
Total claims in the OECD at all levels of society just broke above 360% of GDP and that is clearly unstable. Suffice it to say that many of these debts will not be serviceable — identifying where the defaults and haircuts take place, across countries and sectors, will require a tremendous level of skill.
Related posts:
- Leading Countries Face a Debt ‘Balancing Act’
- OECD: Leading Economies’ Growth Slows
- OECD Economies Grew 0.7% in Q1
- DEBT END?
- OECD Leading Indicators Point to Strong Global IP
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