According to Bloomberg News, instead, the UN said in its ‘World Economic Situation and Prospects’ report on Monday, the biggest benefits are flowing to financial markets, pushing share prices higher. “What we see is a massive increase of financial asset prices, and a growing disconnect between real economic performance and the financial sector performance,” Rashid added. The report is the latest to signal a widening economic breach as the impact of the pandemic expands, even with vaccine distribution accelerating. With growing fiscal deficits, total public debt worldwide increased by about $9.9tn in 2020, the UN report said. “Governments around the world borrowed from the future to minimize the impact of the crisis on the current generation,” it added.

Source: Punch January 25, 2021 23:48 UTC