A positive contribution to growth may be expected in the near future. The slowdown opens a window of opportunity to unwind macroeconomic imbalances - both those domestic to the US and international ones - in an orderly manner. In the US, the personal savings rate has started to increase, slightly but steadily, since the fourth quarter of 2000.
Slackening domestic demand should help to contain the large current-account deficit. The tech bubble has been deflated. 2  BIS Review 75/2001  The labour market is no longer overly tight. The dollar/euro exchange rate may have seen a turnaround; at least the downward trend is broken. However, the risks are for real.