The IMF’s latest report predicted a 3.6 per cent global economic growth for 2017 and another 0.1 per cent next year. The IMF however warned that record-low borrowing costs designed to help the economic recovery are pushing up debt levels in the world's largest economies, singling China out as one of the worst offenders.
In his interview, David Coker commented on the IMF’s latest predictions and said: "Taxes do have to go up. We have to engage in a period of progressive policies that will help open up education for more people. If we can start to get control of the political environment, and in particular, the stability bubbling under the surface, when the next financial crisis comes, because it's only a matter of time, we'll be in a much stronger position.
“If it were to hit tomorrow, I would suspect we'd see open revolution in some of the Western democracies. Our leaders have to make the difficult decisions in order to calm people down, to give people the view that there is opportunity for everyone."