Indeed, returning to precrisis economic activity levels is likely to take time. On the one hand, some emerging economies, notably in Asia, have not experienced declines in output, yet still remain dependent upon advanced economies for future growth. Evidence of decoupling is at best mixed and export oriented strategies in those countries still prevail.
On the other hand, advanced economies may be faced with the prospect of a protracted period of sluggish growth, given that the financial crisis is likely to have adversely affected their growth potential.