This is not the only, or even the most important, downside risk facing the global economy. The gravest threat comes from the wave of austerity sweeping the world, as governments, particularly in Europe, confront the large deficits brought on by the Great Recession, and as anxieties about some countries’ ability to meet their debt payments contributes to financial-market instability.
而这并不是世界经济所面对的唯一或是最重要的危机。最严重的威胁来自于席卷全球的紧缩浪潮，这是因为以欧洲国家为首的各国政府都面对着大萧条所带来的巨额赤字，而对某些国家还债能力的忧虑则导致了金融市场的不稳定。