(not much) deleveraging
Seven years after the bursting of the global credit bubble resu lted in t h e wor s t f i nancial cr i sis si nce t he Great Depression, debt continues to grow. A new report by the McKinsey Global Institute ( MGI) found that rather than reducing indebtedness, or deleveraging, al l major economies today have higher levels of borrowing relative to GDP t han t hey did i n 2007. Global debt in these years has grown by $57tr, raising the ratio of debt to GDP by 17 percentage points, MGI said. That poses new risks to f inancial stability and may undermine global economic growth. Since the Great Depression, global debt has increased by $57tr, outpacing world GDP growth.
do not sum to total because of rounding 2014 data for advanced economies and China; Q4 2013 data for other developing countries
Source: Bank for International Settlements; Haver Analytics; International Monetary Fund
National sources; McKinsey Global Institute analysis The number of Grammy awards British singer Sam Smith took home on 8 February, making him the night’s biggest winner. His single Stay With Me earned him awards for record and song of the year. He also won the Grammy for best new artist and best pop vocal album. South Africa’s Wouter Kellerman won the Grammy for the best new age album for Winds of Samsara, which was recorded with I ndian composer Ricky Kej.