We can hope that all of these 4/5  BIS central bankers' speeches  factors prove to be temporary, but it seems that we are headed for at least another quarter of very slow economic growth. Since it is already March, these factors could easily affect the second quarter.
There is a real risk that business and consumer confidence will erode further, creating a more persistent slowdown, especially given recent declines in stock markets. Furthermore, world prices of commodities have dropped by more than 10 percent and oil prices by close to 20 percent since the start of the year.