If the combined effect of steep losses in equity markets and rising dependency ratios cause pension funds to struggle to meet their obligations, it will be up to governments to provide safety nets – if they can. Government debt as a percentage of global GDP has increased at an annual rate of 9.3% since 2007.
如果股市的严重损失和赡养比的增加所形成的合力导致退休基金难以兑付，那么就必须由政府提供安全网——如果它们可以的话。2007年，政府债务占全球GDP之比年化增长率高达9.3%。