The first key factor is deleveraging and the resulting shortfall in aggregate demand. Since the financial crisis began in 2008, several developed countries, having sustained demand with excessive leverage and consumption, have had to repair both private and public balance sheets, which takes time – and has left them impaired in terms of growth and employment.
第一个关键因素是去杠杆化以及由此导致的总需求短缺。自2008年爆发经济危机以来，几个持续依赖过度杠杆效应和消费来维持需求的发达国家不得不修复其私营部门及公共资产负债表——这需要时间——使得它们在经济增长和就业方面表现不佳。