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In July, the IMF reported that the global public debt has reached more than 100% of global gross domestic product — its highest level in recorded history. “The current debt framework is not sustainable, both globally as well as in many countries,” says Thomas Bernes, distinguished fellow at the Centre for International Governance Innovation. “Therefore, there needs to be a rethink and a new framework thrashed out and implemented.”
The US’s retreat from multilateralism certainly calls into question a robust recovery. And Mr Bernes warns that, even if the election results in an administration change, US re-engagement with the world …
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