Asian countries escaped the global depression in recent years, mainly because they were not involved in the 2008 financial crisis. However, a recent survey shows that debt levels in Asia are growing at a frightening rate. In some ways, there are some reasonable reasons for this. Ultra-low interest policies in many countries encourage lending, and debt growth is a natural product of wealth growth. But what is alarming is that Asian countries need more debt to keep their economies growing. This is a sign that Asia's economic health is not as good as GDP growth suggests. Debt levels in Asia are generally lower than in Europe and still in a safe range, but rapid debt growth will make economies more vulnerable.
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Asian countries need to be wary of getting into a debt crisis