COVID-19 Exacerbates Household Debt Burdens
- Global household debt tops $47 trillion—over $12 trillion higher than in the run-up to the 2008 global financial crisis
- More than three-fourths of the 75 countries in our sample now have higher household debt-to-GDP ratios than in 2007
- Anticipated COVID-19-related job losses imply a massive jump in household debt relative to income and assets. This could trigger a sharp drop in private consumption, particularly among lower-income, high-debt households
*Quarterly update to the IIF Global Debt Monitor coming next week*
Chosen excerpts by Job Market Monitor. Read the whole story @ IIF Weekly Insight : COVID-19 exacerbates household debt burdens
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