Soaring household debt in Asia is one of the starkest legacies of the post-2008 low rates world order. If 10 years ago US households stood out as some of the most leveraged in the world, today, Asia is home to the highest household debt globally.
But some Asian countries, even those with household debt equal to over 80 per cent of GDP, are faring better than others.
Countries where debt has grown gradually and where regulators implemented pre-emptive macro prudential policies are more likely to minimise blows to economic growth.
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