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Monday, 14 October 2019

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08 February 2013

Card Spending Juices GDP, Especially in Emerging Markets

A new study provides further evidence that credit and debit card payments actually contribute billions of dollars to global economic growth, especially in emerging economies where millions of residents are underbanked, many operating in underground economies.

The results, which analyze data from 56 countries that together make up 93% of global gross domestic product, were pulled from 2008 through 2012, a time defined by deleveraging.

Mark Zandi, chief economist of Moody’s Analytics, argues card contribution to global GDP could have been even greater had the U.S. not been in the clutches of the Great Recession, which gave birth to a cautious consumer focused on paying down debt and led banks to tighten lending standards, making it difficult for people to take out loans or increase borrowing lines.


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