由于各种原因 — — 日本和美国资产负债表的持续衰退，恐惧驱动下的中国国内预防性储蓄，以及欧洲生产力受限导致的消费疲软 — — 大多数主要经济体的需求侧依然受损严重。
For a variety of reasons – hangovers from balance-sheet recessions in Japan and the US, fear-driven precautionary saving in China, and anemic consumption in productivity-constrained Europe – the demand side of most major economies remains severely impaired.