June 2017 the BIS told that next global crash could arrive 'with a vengeance'.

A new financial crisis in emerging economies could be about to erupt, and it could hit "with a vengeance", an influential group of central bankers has warned in last June.

Emerging markets such as China are displaying similar signs that their economies are overheating like the US and the UK did before the 2008 financial crisis, according to the annual report of the Bank for International Settlements (BIS).

Claudio Borio, the head of the BIS monetary and economic department, said a new recession could come "with a vengeance" and "the end may come to resemble more closely a financial boom gone wrong".

Sometimes known as the central bank for central bank with members such as Bank of England Governor Mark Carney, , the BIS counts warned of the potential trouble ahead for the world economy. 

It forecast that central banks would be forced to increase interest rates after years of record lows in order to tackle inflation which will "smother" growth.

The group also advised about the threat posed by growing debt in countries like China and the rise in protectionism such as in the US with Donald Trump at the helm, City AM reported. 

Chinese corporate debt has almost doubled since 2007, now reaching 166% of GDP, while household debt grew to 44% of GDP in 2016.

Last month, Moody's lowered China's credit rating for the first time since 1989 from A1 to Aa3 which could potentially push up the cost of borrowing for the Chinese government. 

The BIS's credit-to-GDP gap indicator also exposed debt, which is seen as an "early warning indicator" for a country's banking system, is increasing a lot faster than growth in other Asian economies such as Thailand and Hong Kong. 

The world economy is still recuperating from the financial crisis and the euro crisis which followed it in 2010.

The UK is said to be experiencing a "lost decade" as productivity and wages have flatlined.

Are then we there? Probably.....