Macroscope | Why the cost of buying economic growth is destined to rise

The apparent resilience of the global economy in the face of a series of shocks comes amid dangerously high debt levels Reading Time:3 minutes Why you can trust SCMP Published: 4:30pm, 4 Oct 2025 It is tempting to think that the global economy has become immune to shocks despite multiple ongoing physical conflicts, trade wars and other trauma that have characterised the Donald Trump era. Growth has continued, after all, albeit at a reduced pace, and financial markets are still riding high. Advertisement This apparent economic resilience comes at a high cost, however. This growth is being "bought" by borrowing…