The problem in the advanced countries is not a jobless recovery, but an anemic recovery or worse, the possibility of a double dip recession.

External demand in the second half of 2011 is unlikely to be strong, owing to the shaky global recovery.

As the US economy bottomed out in mid 2009, consumers entered a second phase a very subdued recovery.

Cleaning up high private sector debt and lowering public debt ratios by growth alone is particularly hard if a balance sheet crisis leads to an anemic recovery.

The 2.1 consumption growth trend realized during the anemic recovery of the past two years could well be indicative of what lies ahead for years to come.

Although the financial disaster erupted on George W. Bush s watch, after eight years of a Republican presidency, Obama had to carry the burden of an anemic recovery.

These are an anemic, below trend, U shaped recovery in advanced economies, as firms and households continue to repair their balance sheets a stronger, V shaped recovery in emerging market countries, owing to stronger macroeconomic, financial, and policy fundamentals.

We all knew it was tough for the American consumer but this revision portrays the crisis induced cutbacks and subsequent anemic recovery in a much dimmer light.

Given the 0.7 trend in real consumption growth over the past four and a half years, the US economy s anemic 2.2 annualized recovery in the aftermath of the Great Recession is almost miraculous.

But phasing in austerity more gradually, and thus back loading the adjustment, would have posed less risk to the economy s anemic recovery while maintaining a credible commitment to fiscal consolidation.

Indeed, after four years (2007 2010) of either recession or sub par recovery, the process of balance sheet repair while not completed yet is underway, and may result in less saving and more spending to boost growth in advanced economies.

As Carmen Reinhart and Ken Rogoff s new book This Time is Different demonstrates, such balance sheet crises have historically led to economic recoveries that are slow, anemic, and below trend for many years.

In fact, the situation today is just as dangerous as it was in 2007, with the United States now worried by its anemic economic recovery, Europe paralyzed by fears for the survival of its currency union, and emerging markets wrestling with asset price bubbles.

A Sustainable Recovery

Recovery, Interrupted

The American Recovery

Healing programmes

This is not surprising, given Africa s poor educational provision.

America s anemic recovery with growth barely sufficient to create jobs for new entrants into the labor force was the predictable (and predicted) consequence of political gridlock, which prevented the enactment of President Barack Obama s jobs bill and sent the economy toward a fiscal cliff.

The reasons for poor performance are deep seated and complex.

An important victim will be Japan, where anemic real income growth is depressing domestic demand and exports to China sustain what little growth there is.

Recovery before Reform

The Anatomy of Slow Recovery

This is not surprising, given Kenya s poor record of prosecuting war crimes.

America s Risky Recovery

A Recovery for All

Global Disaster Recovery

Obama s Recovery?

Recovering from Kosovo

Europe s Green Recovery

The Ghost in the Recovery Machine

This Recovery is Different

This is how we begin the healing process, together.

With American consumers responding by hunkering down as never before, inflation adjusted consumer demand has remained stuck on an anemic 0.9 annualized growth trajectory since early 2008, keeping the US economy mired in a decidedly subpar recovery.

Many Americans will reject Bush this November because of the poor performance of the economy or the quagmire in Iraq.

Structural poverty in Roma communities is intimately linked to poor education and unemployment.

All of this would slow the recovery, perhaps even causing it to stall.

What s Stopping Robust Recovery?

The Long and Winding Road to Recovery

The Roots of China s Rapid Recovery

But is a recovery really underway?

This recovery has been much weaker than previous ones because of fundamental differences in the cause of the downturn and in the policies chosen to achieve recovery.

And that is why economic recovery has progressed much more slowly than anyone expected (in some countries, it has not come at all).

A Sustainable Housing Recovery?

Global Action for Global Recovery