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One of the critical indicators that acts as a warning light is the credit growth to GDP ratio. If this exceeds 5% it acts a a warning indicator for a country, according to the IMF. It exceeded 24% in China in 2009. And it has exceeded 5% in Brazil for three years in a row- 2006-2008. Turkey and Vietnam are also on the list of countries with high unsustainable credit growth.
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