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China and America lead global debt to a record high
The world's two largest economies were the largest borrowers in the first quarter of the year, data from the Institute of International Finance showed on Wednesday, driving global debt to a record high above $305 trillion, while the overall debt-to-GDP ratio fell.
The data indicated that China's debt increased by $2.5 trillion over the first three months of the year while the United States added $1.5 trillion to its debt. Total debt in the euro area declined for the third consecutive quarter.
The impact of oil on economies
A World Bank official said that the continued high oil prices caused by the Russia-Ukraine war could reduce the growth of large oil-importing developing economies, such as China, Indonesia, South Africa and Turkey, by a full percentage point.
Gill said the war has exacerbated uncertainty in ways that will resonate around the world, and "harm the most vulnerable people in the most vulnerable places".
Some countries in the Middle East, Central Asia, Africa and Europe depend heavily on Russia and Ukraine for food, which together account for more than 20% of global wheat exports.
