Understanding the nature of the downturn may contribute to more accurate economic projections. The ongoing adjustments in the Dutch business sector, like those elsewhere in the euro area, have not been completed. Thus far, the US economy has appeared the more resilient. Recovery on both sides of the Atlantic is therefore unlikely to be simultaneous.
According to the latest figures, the US economy has already returned to 2½ per cent growth over the past year, whereas the recovery in Europe which was expected for the second half of 2002, failed to materialise.