The Economist assumes the former. The facts suggest the latter:
Despite a welcome return to growth, the world economy is far from returning to “normal” activity. Unemployment is still rising and much manufacturing capacity remains idle. Many of the sources of today’s growth are temporary and precarious. The rebuilding of inventories will not boost firms’ output for long. Across the globe spending is being driven by government largesse, not animal spirits. Massive fiscal and monetary stimulus is cushioning the damage to households’ and banks’ balance-sheets, but the underlying problems remain.
Auto sales collapsed to the level of previous lows as soon as the government funding was withdrawn. The same thing is going to happen to the rest of the economy, especially since most of the recorded “growth” in GDP is actually the result of a decline in imported goods sold. In the second quarter, the $71.2 billion fall in imports contributed more to GDP than the $41.4 billion increase in government spending.