In closing, I express my sincere hope that the current momentum for recovery in both Europe and Japan will be successfully translated into sustainable economic growth. BIS Review 55/2003  3
Figure 1: Summary Macro-economic Indicators relative to trend  Source: Statistics New Zealand  Economists are well known for their two-handed assessments, and it won’t surprise you if I mention that not everything is as positive. The overall expansion, now entering its eighth year, is weaker than other post-WWII expansions.