Reflecting the scale of fundamental adjustments still going on, the global recovery is likely to be protracted. In other words, we may be on the right track, but there is a long road ahead.
As we go forward, it will be important to distinguish between policy-induced growth in the near term, private-demand momentum in the medium term, and the global economy's ability to respond to the longer-term challenges that this crisis has exposed. The near-term outlook: policy-induced growth The nascent global recovery is largely the product of extraordinary policy measures taken over the past year.