Do you have faith in the World Bank?

In its latest report it is far from optimistic. To wit:

“The global economy has experienced four waves of debt accumulation over the past fifty years. The first three ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and more broad-based than in any of the previous three waves.”

And, global debt has reached “an all-time high of about 230 percent of global GDP in 2018.”

Then, it thinks that GDP growth will be pretty bad. It thinks that our GDP will grow at just 1.8 percent this year and a further drop to 1.7 percent in 2021 and 2022.