Borrowing costs are set to rise sharply across the globe with huge ramifications for financial markets as dramatic growth in emerging markets forces up interest rates.
McKinsey Global Institute, a thinktank, says in a report that investors are almost certain to switch out of equities in this environment into the safety of government bonds and other more secure fixed-income securities.
Richard Dobbs, director of MGI, said: “As a world economy, we have to get used to a world where rates are no longer falling. This will have a big impact on the financial markets.”
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