Debt in developing economies rises to record $55tn

Much of growth in debt levels driven by China, says World Bank

Emerging market and developing economies (EMDEs) pushed their borrowing to a record $55tn (42tn) last year, according to the World Bank, marking an eight-year surge that is the "largest, fastest and most broad-based in nearly five decades".

While much of the growth in debt levels was driven by China, the Washington-based development agency said most of the 100 countries covered by its analysis were affected, following an increased dependency on borrowing by both private and public sector organisations.