For example, we project that it will take two and half years from the onset of the recession for U.S. GDP to return to its pre-recession level. This sluggishness reflects the lingering effects of the crisis on the U.S. financial system and the slow recovery of domestic consumption owing to the magnitude of wealth effects and the deterioration in the labour market.
BIS Review 69/2002  1  The current account deficit continued to be adequately covered with foreign direct investment (in the amount of 75.5% in the first nine months of 2002). If the external and internal economic environment does not deteriorate at the end of the year, the current account deficit for 2002 is likely to remain at 8.5% of GDP.