At that time, expectations were for lower growth in the major economies in 2001 than in the preceding year, but still for growth at about average rates. Then, in the early months of 2001, assessments of the health of the US economy, and by extension much of the rest of the world, were revised dramatically.
On the one hand, the prevailing positive cyclical momentum could lead to stronger growth in the near 1 / 10  BIS central bankers' speeches  term. On the other hand, downside risks continue to relate primarily to global factors, including rising protectionism and developments in foreign exchange and other financial markets.