The Bank of Canada's senior deputy governor says an explosion of global debt over the last decade is a top concern that she argues is holding back economic growth and creating vulnerabilities in the world's financial system.
The global financial system is in better shape than it was in 2007 before the financial crisis, but unknowns such as ongoing U.S.-China trade tensions could knock things off course, Carolyn Wilkins said in a speech Thursday in Vancouver.
"The global development that concerns me the most, though, is rising debt," Wilkins said in her speech at an event hosted by the University of British Columbia's economics department and CFA Society Vancouver. Debt levels around the world piled higher largely because of the long stretch of extremely low borrowing rates that was necessary to help global growth build fresh momentum, she said.
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