Global debts are at a new record high of $237 trillion (£192 trillion) - but a surge in economic growth means the risks may have gone unnoticed.

This is a rise of $21 trillion compared with 2016, the Institute of International Finance said, with debts rising particularly sharply in China, Argentina, Nigeria and Turkey.

Households in Europe are also borrowing enthusiastically.

The global debt-to-GDP ratio has dipped 318pc, due to strong economic growth. But if this growth spurt subsides, the debt burden could bring serious risks for the world economy.