I have felt for some time that the likelihood of a recovery in 2003 was not very good. It will be late in the year if it comes at all, which appears doubtful at the moment. Beyond that is too far out to see, but there are no guarantees for 2004 either. The problem is that I continue to believe we are now slipping back into a recession (actually, I think we never left it) and look for it to be global in nature and that means it will be very difficult to mount a recovery.