The global economic forecast predicts continued recovery in 2011 due to ongoing fiscal stimulus and quantitative easing, though unemployment remains high. Growth will be constrained by deleveraging and oversupply of housing. Germany will grow strongly while austerity will slow growth in southern Europe. Portugal may need a bailout in 2011 but Spain is expected to meet funding needs. Japanese growth will be impacted by the earthquake with further downgrades likely if infrastructure damage persists long-term. China and emerging markets face inflation risks requiring monetary tightening. Commodity prices will be supported by global growth though weakening is expected later as stimulus ends.