Only coordinated and exceptional policy measures prevented another Great Depression. G-20 Framework for Strong, Sustainable, and Balanced Growth By late 2009, output had started to rise at a reasonably robust rate in many, if not all, economies, and authorities were hopeful that the global economy was on the road to recovery.
What little fiscal space the major advanced economies had been able to draw on in the midst of the crisis had been largely exhausted, however, and many central banks had lowered their target interest rates as far as they could go.