The global economy will take years to recover from the excess debt accumulated over the past few decades.
Currently, global debt/GDP (private and public) is nearly 300%. Sustainable economic growth requires this figure to fall below 200%. Moreover, monetary velocity (quantity of transactions per unit of currency) world-wide is below one. Long term prospects will improve when this parameter is closer to 1.5.
Therefore, the world economy will remain anemic in the coming year or two. Fiscal measures that promote long term investment are critical, since additional monetary intervention will have little return on investment at this point in the recovery cycle.