The advanced economies started their recoveries in 2009, but economic growth has barely exceeded the growth rate of potential output; as a result, the level of output in most advanced economies, including the United States, is still well below its potential. Forecasts suggest that growth and resource utilization will remain lackluster in the advanced economies for some time.
A monetary reform in 1947 reduced the money supply dramatically, while negotiations between employer and worker representatives allowed for a gradually engineered increase in the price level. Finally, the Marshall plan proved crucial, first, to receive food aid, and later, to receive necessary raw products and machinery.