The Impending Global Debt Disaster

WASHINGTON, DC, PROJECT SYNDICATE – Despite the succession of crises that took place since 2020, the global economy has resisted remarkably well – until now. But the margin of error is shrinking.The total global debt today is almost 25% higher than it was on the eve of the COVID-19 pandemic, when it was already at a historic peak.This over-indebtedness could undermine the ability of all economies to protect against the last shock: higher trade t…