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"Public consumption however rose very strongly because of the fiscal stimulus programs," Mr. Hassel said.
But questions remain on how sustainable any recovery would be without fiscal stimulus programs, given the debt crisis in Europe.
Professor Sims spoke favorably of the Obama administration's fiscal stimulus programs, which are Keynesian in their countercyclical spending.
Reflecting what is by now conventional wisdom, the World Bank recommended that countries undertake large fiscal stimulus programs to cushion the downturn.
Fiscal stimulus programs don't provide a panacea for deep recessions, but the alternatives do-nothing policies or alternatives do-nothinge.
The fund said that the G-20 countries needed to continue fiscal stimulus programs next year at nearly the rate of this year.
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Japan's government plans yet another huge fiscal stimulus program in its coming fiscal 1999 budget.
Congress failed to approve a fiscal stimulus program, but investors barely reacted.
Treasury officials placed even greater emphasis on China's $586 billion fiscal stimulus program.
While its overall imports continued to weaken last month, China's large fiscal stimulus program appears to be starting to bolster imports from some of its neighbors.
But they are relieved that China is fighting the global recession with an enormous fiscal stimulus program to spur domestic growth.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com