Firstly, the US economy was at the epicentre of the dramatic intensification of the global financial crisis in mid-September last year, and the nature and magnitude of the real economic shocks it had to cope with were formidable.
BIS central bankers’ speeches  1    Overall, the Bank projects the economy will expand by 2.8 per cent in 2011, 2.6 per cent in 2012, and 2.1 per cent in 2013, returning to capacity in the middle of 2012.