Thanks to the very low interest rates in OECD countries, everyone is solvent despite high debt ratios, which makes recessions very unlikely

Interest rates are now extremely low relative to growth in OECD countries. This means that despite the high debt ratios, governments, households and companies are solvent. The only exceptions (economic agents that are not solvent despite the low interest rates) are the governments in Italy and Japan, households in Spain and companies in the United Kingdom, but with a small loss of solvency. This solvency among practically all economic agents despite the high debt ratios makes recessions very unlikely, because they are triggered by the insolvency of a group of economic agents, who must then markedly reduce their demand for goods and services.