Global economy: the recovered world

The global economy fell late last year and early this year like a boxer knocked out by a huge punch. The quantity of global smelling-salt stimulus waved under its nose since is unprecedented. These extraordinary efforts – from printing money to running double-digit deficits normally seen only in wartime – are having their effect. The global economic boxer has raised a hand off the canvas, and the markets have cheered. But it’s not clear the economy can stand unaided. Consumer confidence is up ...