Global growth is expected to exceed an annualised 4% rate in the second half of 2009. Economic indicators suggest that both Europe and the US have emerged from the Great Recession in the current quarter, with super-easy monetary and fiscal policies finding traction and financial conditions easing further due to buoyant asset markets. Economists at US investment bank Morgan Stanley say global output will return to its previous peak level reached in Q2 2008, in the final quarter of this year.  However, in the G10 advanced economies alone, which were hit harder by the crisis, the peak-to-trough output loss of 4.5% will only have been recouped by the second half of 2011, on the basis of current forecasts. The economists say that 4%+ growth is unsustainable during 2010.