1 “...The global economy has experienced four waves of rapid debt accumulation over the past 50 years...”

2 Subjects: “...Global Recession...”

3 “...The COVID-19 pandemic has triggered a massive increase in global debt levels and exacerbated...”

4 “... the global financial crisis. The current environment of low global interest rates and weak growth may appear...”

5 “... are as follows. First, fiscal space had improved in many countries before the global financial crisis...”