Abstract
Recovery from the global economic crisis has begun, but the crisis has most likely caused a drop in potential output. The higher-than-normal growth that follows most recessions should not be expected this time. Sustaining the recovery will require two delicate rebalancing acts. First, countries will have to rebalance from public to private spending. Second, aggregate demand will have to be rebalanced across counties, with a shift from domestic to foreign demand in the United States and a reverse shift from foreign to domestic demand in the rest of the world, especially Asia.
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