The United States’ Gross Domestic Product (GDP) is also not in good shape. It has trickled down to an annual GDP growth that is expected to reach only 3.1% and both France and Germany have recently downgraded their annual GDP growth forecasts to 2.4% and 2.0% respectively. Moreover, the "uncertainty factor" as I like to call it, most likely will keep businesses and consumers cutting back on expenditures for the remainder of 2003.

Fortunately, there are some signs that the economy is beginning to recover. A report that was recently released by the U.S. Department of Commerce showed a rise of over 2% in retail sales for the month of March and a slight rebound in consumer confidence. Also, the national unemployment rate, which was released by the Bureau of Labor Statistics, remained unchanged at 5.8% for March 2003. While the majority consensus is that the economy will eventually recover, it is apparent that this will definitely take more time and effort than what most people had originally predicted.

Carlos T. Fernandez is the business columnist for Dominican Times Magazine, a publication that focuses on the hispanic culture and the issues affecting its communities. He is also the publisher of a popular financial planning and management website entitled Building Wealth (http://buildingwealth.blogspot.com).