Reflect Indeed, there are increasing signs that activity has begun to expand in many countries. Growth is probable in all major economies this quarter, and the pace of global growth next year is likely to be even higher than the Bank had projected in our last Monetary Policy Report.
While this recovery is still nascent and sluggish, its appearance nonetheless makes some ask, what was all the fuss about? Was that truly the Great Recession? Initial success should not give way to complacency. Only the unprecedented and decisive actions across G-20 nations arrested the economic free fall and have begun to boost global demand.