As recently as six months ago, mainstream economic forecasters were expecting real GDP growth to be comfortably above trend in 2011, and surveys of business activity were hitting new peaks. Of course, everyone knew that the underlying condition of the western economies was still very weak, but that did not seem to be sufficient to prevent a continuing normalisation of economic activity, with GDP returning slowly towards pre-recession trends.
We now know that these expectations were extremely complacent.
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http://link.ft.com/r/CTBPCC/YB8PCC/4VXHZ/HDWXTQ/4CVPG2/9A/t?a1=2011&a2=8&a3=18DELUSIONAL IS MY WORD FOR IT
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