Reported 12 months ago
The Bank for International Settlements (BIS) released its annual global economic report, cautioning about the severity of the continuously expanding debt levels in various countries, comparing it to the debt-related crisis triggered by the UK government's borrowing for tax cuts in 2022. The BIS warned that the escalating debts pose one of the most significant threats to global financial system stability and advised governments to reduce debts to mitigate the threat and curb inflation. The BIS emphasized the need for action to lower debts, increase taxes, and cut fiscal expenditure to ease financial system pressures before the situation worsens.
Source: YAHOO