There will be no recovery until the economy crashes and rebuilds from the ashes. There is too much debt outstanding can never be repaid and will not be serviced. Governments are beginning to recognize that they are near the end game. Extending and pretending is all they have left. The economy cannot be turned around, nor can a Depression be avoided.
Despite the largest stimulus programs the world has ever seen, economic growth has not revived.
Central Banks have printed money to no avail. GDP creeps along at about 1% reported growth (of which much is phony). Central Banks on the other hand have destroyed their balance sheets in an effort to keep the pretense of a recovery going. Despite all this effort and squandered of resources, GDP remains stagnant. Central Banks have only succeeded in weakening their financial positions while providing the potential for massive inflation.
The best one can say about the chart is that monetary policy has no effect on GDP. If that were true (and it usually isn’t in the short-term), then Central Banks could stop this nonsense without destroying economies. Unfortunately doing so would plunge economies into Depression. That would not necessarily be a bad thing because it would purge the system of the distortions and mis-allocations that prevent growth from returning.
There is another reason why proper economic policy cannot be followed. It would produce sovereign bankruptcies for most of the major industrial welfare states. Banking systems and governments would collapse. The US government, for example, is unable to fund itself without the Fed printing money to buy its ever-increasing debt.
The Fed maintains their efforts are to strengthen the economy, but that obviously does not work. They are printing money so government dependents can continue to receive checks. That and perpetuating the Ponzi scheme that government has become are the reasons for Fed behavior.