Could the long-awaited rebirth of the U.S. economy be just around the corner? One financial expert says he sees positive signs.

“We believe that the U.S. and global recessions are over and that sustained economic recoveries have begun, both in the U.S. and worldwide,” says Richard Hoey, chief economist of BNY Mellon and Dreyfus.

“The ‘global emergency rescue’ of the financial system and the economy was a major success, at least from a short-term cyclical perspective and potentially from a long-term perspective, as well.”

Hoey, speaking at this week’s G20 conferences in Pittsburgh, Pa., says challenges remain, however.

“Climate change negotiations can either raise or lower the risk of a ‘jobs trade war,’ depending upon whether the outcome is conflict or cooperation. The U.S. economic recovery is easier to understand as an exhaustion of sources of weaknesses than as the sum of sources of strength.”