The shock that coronavirus has wrought on markets across the world coincides with a dangerous financial backdrop marked by spiralling global debt. According to the Institute of International Finance, a trade group, the ratio of global debt to gross domestic product hit an all-time high of over 322 per cent in the third quarter of 2019, with total debt reaching close to $253tn. The implication, if the virus continues to spread, is that any fragilities in the financial system have the potential to trigger a new debt crisis.
新型冠狀病毒疫情給世界各地市場帶來的衝擊,有一個危險的金融背景,其特徵是全球債務呈螺旋式上升。根據行業組織——國際金融協會(IIF)的數據,2019年第三季度,全球債務與國內生產毛額(GDP)之比達到逾332%的歷史最高水準,總債務近253兆美元。這意味著,如果新冠疫情持續蔓延,金融體系的任何脆弱性都可能引發一場新的債務危機。