Expert warns next economic downturn will 'be worse than Great Depression'

Despite the strong state of the global economy, some experts are issuing warnings about an impending downturn, with one saying it will be "worse than the Great Depression."

As Murray Gunn with Elliott Wave International, a financial forecasting firm, told the New York Post: "We think the major economies are on the cusp of this turning into the worst recession we have seen in 10 years."

American economic commentator Peter Schiff told the news paper: "We won't be able to call it a recession, it's going to be worse than the Great Depression. The US economy is in so much worse shape than it was a decade ago."

The central issue behind these concerns appears to be an incredibly high debt load carried by borrowers and uncertainty over their ability to pay it back.

A recent CNN report has also sounded the alarm about the nation's debt load but suggests that more trouble could arise from the $6.3 trillion (£3.5 trillion) in corporate debt more than consumer debt.

Many economists have warned that the next recession has already begun, partly due to policymakers failing to deal with the consequences of the 2008 financial crash.

This article first appeared on aol.com