The improvements are indisputable and GDP should continue to grow in Germany, France and China until the end of the year.
In the United States and the United Kingdom, the economic situation should turn round in the second half of the year.

Unprecedented monetary and budgetary policies have done much to calm the situation, without addressing all the uncertainties.
 
Once central banks’ recovery plans and crisis exit strategies have run their course, weak demand will be the main obstacle in 2010.
 
The other reality is marked by volatility, a sharp decline in growth potential, the ongoing banking cleanup, the instability of commodity markets and a renewed rise in long rates.