Private Demand

The global economy has entered a dangerous new phase. The recovery has weakened considerably, and downside risks have increased sharply. Strong policies are urgently needed to improve the outlook and reduce risks.

The need for careful design of economic policies at the national level, and coordination at the global level, may be as important today as they were at the peak of the crisis two years ago.

The world economic recovery continues. But it remains a two-speed recovery: slow in advanced countries, and much faster in emerging and developing economies.

Achieving a "strong, balanced, and sustained world recovery"--to quote from the goal set in Pittsburgh by the G-20--was never going to be easy. It req...