However, some countries may have stronger growth, eg Germany, if they do not require much fiscal adjustment, and are able to increase productivity and take advantage of the weaker euro.
In the US, consumption expenditure is not recovering at the pace initially expected, as high levels of unemployment, a de-leveraging banking sector and a weak housing market remain a constraint on households still faced with excessive debt. China and the Asian region in general, as well as some countries in South America, are seen as the main growth poles.