According to a Reuters report, the budget impasse in the US, which eventually led to a government shutdown, and the crisis in Italy could challenge economic recovery of the global economy. In addition, European banks and households still have to grapple with debt while emerging economies have posted slow growths.

In Italy, the political crisis between center-right leader Silvio Berlusconi and Prime Minister Enrico Letta also delayed agreements that would have reduced the country's debt and revive its stagnant economy.

Despite these, the report said some banks still believe that recovery was still possible. Reuters cited Credit Suisse's forecast of a 3.8% global growth next year. This would represent a 3% increase from this year's growth. It would also surpass the bank's 3.5% trend rate.

Standard Chartered Bank Toronto's Head of Macroeconomic Research John Calverley said the US economy could still pick up. He said, "So you should start to see growth moving up well into the 2.5, 3.0 percent range, maybe more, over the next couple of years."