None of these conditions apply at this point in time at the global level. Until these three things happen, nothing much will change in the underlying economic conditions. The best forecast as of now: it won’t happen for the next four quarters at the earliest. A few knowledgeable observers called the bottom of the market months ago.
Others have seen the green shoots of recovery. Let us by all means look at the bright side of things but let’s not hallucinate. The recovery is not for tomorrow, and this in spite of the best efforts of the G-20. We’ll probably see the first signs of a recovery same time next year.