The expectation at the moment is that the global recovery will continue in 2011, albeit at a slower pace than in the past year. Under this assumption, the Bundesbank in its December Monthly Report forecast GDP in Germany to grow at a rate of 2% in 2011 and 1.5% the year after.
This means that the pre-crisis level of production would be reached at the end of 2011, and production would be back to full capacity at about the same time. Indicators that have been  BIS central bankers’ speeches  1  released since then support the picture of an ongoing recovery and have even tended to surprise to the upside.