What could blow up the fragile economic recovery?

Most agree that the economy is recovering, although very slowly, and the recent jobs report did little to increase confidence.  More to the point, any outside event could put the economy right back in the tank.  What do you need to keep an eye out for?  Here are a few events that could destroy whatever momentum remains in the current economic crisis:

• Europe:  The European debt crisis, though calmed, is not over.  Italy, Spain, Greece and Ireland have all faced significant debt-related challenges and are in various positions of austerity and assistance; however, significant issues remain and concern remains of any European country pulling out of the Euro. If that happens, or if the debt crisis fires up again, there will be ramifications in the United States.
• Gas prices:  Gas prices are certainly tied to outside world events; the good news, however, is that they have decreased recently, falling an average of $.07 this week.  If this trend continues, gas will obviously not be hurting the economy.  The problem, however, lies in the potential unrest in Syria or Iran.  If an outside conflict begins in either of those countries, gas prices will increase; some even believe that it could reach as high as $7 a gallon.
• China and India:  Recent information shows that the economy in both China and India is slowing; this will obviously hurt US exports and the rest of the world economy.  The ripple effects of such a slowdown would absolutely be felt in every corner of the U.S.

These are the three biggest (foreseeable) threats to the U.S. economy; that being said, some unforeseen event (such as a terrorist attack or global pandemic) could always rear its ugly head.  Of course, there isn't a whole lot the average small business can do to prepare for such a crisis, so let's concentrate on what can be predicted.  What do you think?  Are you concerned about any of the above?  Let us known in the comments!

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