There has been some marking down of forecasts for nearterm global growth and murmurings about “double dips” for the US economy, though that is not, at present, a majority view. BIS Review 58/2002  1  We will give a full account of all this in our forthcoming November Statement.
For the moment, I would record that the bulk of the data still suggests that an expansion has been under way in the United States since late last year, but quite a weak one. At the same time, the economic and financial data from Europe over the past several months have been quite disappointing, and in some respects weaker than those of the US.