The global economy appears to be clawing its way out of the fiercest recession in decades. Numerous green shoots of recovery suggest that the second quarter of this year will mark the turn of the cycle. The forces behind this turnaround have been evident for some time: Fiscal injections, aggressive monetary policies, huge bank rescue packages and, on top of all that, an unprecedented slide in commodity prices which has pushed inflation down and boosted real private household incomes in many countries.