London — Worldwide debt has risen to a record $226-trillion — more than three times global annual economic output — and firms in more countries are struggling to service loans, a study shows, just as key central banks prepare to end super-cheap credit policies. World markets are expected to get confirmation over the next week that normalising global interest rates from the extraordinarily low levels introduced to offset the fallout of the 2009 credit crash is no longer just in the US. The European Central Bank will lay out cuts to its two-and-a-half-year-old stimulus programme on Thursday, the Bank of England looks set to raise British interest rates for the first time in a decade, while the Fed is moving towards its third hike of the year. Years of cheap central bank cash has pushed world stock markets to successive record highs. But another side effect has been explosive credit growth as households, companies and governments took advantage of rock-bottom borrowing costs. Global de...

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