We must not forget what such a recovery would mean: few economies are likely to see a fall in unemployment or in excess capacity over the next year. Moreover, the recovery is hugely dependent on the surge in government spending and the inventory cycle, particularly in the US (see chart). As the IMF stresses, “the main risk is that private demand in advanced economies remains very weak
— FT.com / Columnists / Martin Wolf - Finding a route to recovery and reform gets tough now
