Despite some misgivings and the inevitable Jeremiahs, there is a general expectation that better times for all of us may be just around the corner. Most forecasts currently suggest GDP growth will accelerate from 2% to around 3% this year. In truth, however, the indications that define the economic outlook for 2004 are still quite mixed. For one thing, there is a question mark over consumption expenditure and its likely contribution to higher growth. If 2003 was the year of economic imbalance, 2004 could well be the year when the much-maligned consumer, faced with rising interest rates, finally decides to stop footing the bill for the economy. If that happens, who or what is going to step into their shoes, and what are the implications for companies?
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