Analysts at JPMorgan said the bank's previous estimates of swelling household and non-financial corporate debt looks "conservative".

The bank said that in the summer it estimated that globally, the debt-to-GDP ratio of private debt — meaning from households and non-financial companies — would increase from about 155% at the end of 2019 to 173% by the end of 2020. That's even after factoring in a 5% decline in gross domestic product this year.