One of them is the delicate state of government budgets, which leaves many of these countries feeling they have little choice but to pursue policies of fiscal contraction. In a proximate sense, this problem is due to the financial crisis.
The question is whether the virtuous circle of demand, production, and income, which has been developing steadily, will keep its momentum and whether, as a result, the economy will gain further momentum for a self-sustained recovery despite the downward pressures of fiscal tightening.