Dhaka, Oct. 16 -- Trade wars, protectionism, and nationalist rhetoric are combining to create the possibility of a nightmare debt crisis that could be worse than any previously experienced. Global borrowing is now at the highest levels since the 1950s - and history suggests we should take this as a warning that a debt crisis could be looming. Were one to materialise, it could inflict greater dislocation on international financial systems and national economic stability than ever previously witnessed.

This would be particularly tragic in view of the extraordinary global commitment to delivering the Sustainable Development Goals, and as so many nations seem finally to be in earnest about tackling the causes and impact of the climate crisis...