pre-crisis

But Rob Stevens, chief executive of the British Marine Federation, said the industry had not recovered to pre-crisis levels.

Even if the expected economic recovery materializes, it remains to be seen whether demand would be able to return to pre-crisis levels.

The result of investing in anticipation of demand coming back to pre-crisis levels would be absolutely painful if it's wrong.

"That [aim] was pre-crisis, and it assumed that financial services was going to be a big part of it, " he said.

With the real- estate market returning to its pre- crisis form, it is only a matter of time before these policies do, too.

But government officials and businessmen should not delude themselves: going back to pre-crisis ways would be a serious mistake.

Meanwhile, trade itself rapidly recovered, and on current trends is likely to be back to pre-crisis levels by the end of next year.

While America's industrial production continued to slide in May, output in emerging Asia has regained its pre-crisis level.

But unemployment has not returned to its pre-crisis lows, and few governments have much capacity for further stimulus.

Until a few weeks ago, the market seemed to be returning to a pre-crisis norm.

Although consumption fell in the wake of the melamine scare, it is expected to return close to pre-crisis levels by the end of the year.

It would be the reversal of the pre crisis situation that kept global interest rates low and economies flush with liquidity.

"This is one of the few places where pre-crisis leverage is still available, " said a person close to the deal.

By late 2010 output and employment had turned up in most rich countries but not enough to regain pre-crisis levels (chart 3).

"Since January, Asian exports to China have surged and are now 90 percent back to pre-crisis level, " he said.

One explanation is that this simply reflects unsustainable pre-crisis growth, fuelled by imports of capital and too much domestic liquidity.

By far the best predictor of subsequent difficulties were the pre-crisis external deficits, not the fiscal deficits (see charts).

Our bilateral trade has gradually shaken off the adverse influence of the international financial crisis and exceeded the pre-crisis level.

Two years later, the volume of diners has returned to pre-crisis levels, just like Taiwan's technology-dependent economy.

And since the housing bubble isn't coming back, the spending that sustained the economy in the pre-crisis years isn't coming back either.

In general, notes the EBRD, "the size of the output declines correlates with pre-crisis credit booms and external indebtedness" .

(Most Asian currencies are now close to recovering to pre-crisis levels against the dollar).

The implication is that Beijing will return to a pre-crisis policy of a crawling peg against the US dollar, possibly starting today.

SWOT analysis may also be used in pre-crisis planning and preventive crisis management.

In the booming pre-crisis years they became confident enough to boast of decoupling.

All its pre-crisis peers are either being restructured, face litigation or are out of business.

Nine out of ten manufacturing firms damaged by the disaster hope to restore output to pre-crisis levels by mid-summer, the government says.

The retailers' association, Confcommercio, reckons that real GDP per head will not return to its pre-crisis level until 2019.

Indeed, on the basis of its deficit and debt performance, pre-crisis Germany even looked vulnerable.

The US Department of Agriculture estimates that monthly world trade in agricultural products has almost recovered to pre-crisis levels.

The answer lies partly in undoing much of the firm's pre-crisis expansion under Mr Mack into mortgages and other risky, leveraged assets.

The hyper-liquidity of export markets in the pre-crisis heyday is over; global demand is expected to grow at a lower rate.

As a result, the size of these flows is likely to surpass pre-crisis levels.

Several middle- and high-income economies in the region are growing at about 2 percentage points less than pre-crisis.

The pre- crisis flow of cheap foreign credit to Russian companies has also dried up .

It's good news for financial superstars in general, whose paychecks are rapidly climbing back to pre crisis levels.

In many countries, particularly in developing Asia and Latin America, output is well above the pre-crisis trends.

One is that the world economy returns roughly to its pre-crisis rate of growth, without regaining the ground lost.

By this gauge, Canada is still 1% below its pre-crisis level and America is almost 4% down (see chart).

As the chart below shows, by this gauge Canada is still 1% below its pre-crisis level and America is 3. 5% down.

Exports returned to "pre crisis" levels , Beijing confirmed this month, with year - on-year growth of more than 40 percent .

Perhaps it suffers from the same blind overconfidence that led pre-crisis central bankers elsewhere to ignore signs of danger.

The rebound was also rapid, and by the end of 2009, exports had almost fully recovered to their pre-crisis level.

Annual growth averaging 7. 6 per cent since 2000 has restored nominal US dollar incomes at least to pre-crisis levels.

Publicly held debt must be brought down to the pre-crisis safety zone.

It is how the eurozone economy balanced, at a reasonable level of overall demand, in the pre-crisis period.

By contrast, in many pre-crisis housing markets buyers routinely took on loans worth 90% or more of the value of the property.

Most balances have shrunk during the crisis, including China's: at its pre-crisis high it was 10 per cent of GDP.

According to OECD estimates, export industries generated about a third of annual output during the pre-crisis years.

But why would one expect an investment surge in an economy currently some 13 per cent below its pre-crisis trend?

But the pain lingers, and the economy's very real pre-crisis problems are still waiting for a fix.

In the US, unemployment is still double its pre-crisis rates.

An Accenture survey on retail banking suggests that profit per customer remains below pre-crisis levels.

Nor do I believe that recent Fed actions will restore the functioning of credit markets to their pre-crisis state.

A multi-pronged effort has all but eliminated the financial strain. Costs were kept down to pre-crisis levels.

The ownership of Korean industry today is not very different from in the pre-crisis period.

The deal brings two big-name hedge funds under one roof and restores Man's assets under management to pre-crisis levels.

U. S. exports to China have rebounded much more rapidly than overall U. S. exports, and are now 20 percent above their pre-crisis levels.

In the U. S. and Europe, sales are still below pre-crisis peaks.

The growth in compensation reflects Wall Street firms' rapid return to pre-crisis revenue levels.

In its database, it found that seven years after a crisis, output had fallen by 10 per cent compared with the pre-crisis path.

Mr. Staudmyer expects 'close to 80%' of students are graduating with job offers this spring, compared with a pre-crisis level of 93% to 96%.

each, as the buoyant economy and stock markets on the Chinese mainland lift demand for exclusive properties beyond pre-crisis levels.

It started to stabilise about three to four months ago but business is not yet back to [pre-crisis] levels for most companies, Ms Chi says.

U. S. profits as a share of GDP are close to their pre-crisis peak already, according to UBS.

The bumper crop had facilitated replenishment of global reserves to pre-crisis levels.

A CEO confidence survey for the event showed optimism almost back at pre-crisis levels.

But it will be years before growth and jobs return to pre-crisis levels, certainly in developed economies.

Pre-crisis, America, and to a large extent the world economy, was sustained by a bubble.

The pre-crisis UK economy, he says, was a "bubble economy" .

Pre-crisis, economists routinely thought the US economy could expand at a 3 per cent annual rate in perpetuity.

Almost all its countries, including China, are exporting at above pre-crisis levels.

The US scrap market began 2011 in a relatively strong position, with average prices nearing pre-crisis (early 2008) levels.

Imports are nearing pre-crisis levels and sales of new cars hit a new record in April.

Taken together, they could boost growth sufficiently to bring unemployment back to pre-crisis levels within four years.

Investment banks' profits, and bonus pools, are back near pre-crisis levels.

Surveys of job centres suggest employment is returning to pre-crisis levels.

Its resilience during the global downturn was in part caused by its skipping the pre-crisis trade boom.

Within three years we want lending to fully return to normal [pre-crisis levels].

Pre-crisis rates in Europe were higher precisely because of its rigid jobs markets.

The growth reflects a rebound in the banking industry's revenue to pre-crisis levels.

Other indicators have also improved, though they are still well below pre-crisis levels.

Economic growth generally returned to the pre-crisis rate, but the loss of output seems permanent.

Its leverage ratio has fallen to 14, half its pre-crisis level but still higher than a typical commercial bank's.

Expectations are well below their pre-crisis levels.

Inflation expectations are falling again, but remain within the pre-crisis range at 2. 2 per cent.

Inflation hit 5. 1% in November, the fastest clip since the pre-crisis boom months of 2008.

There can be no return to the pre-crisis status quo.

But ramping up output to pre-crisis levels would take years under the most benign scenario.

Many of these got back to their pre-crisis levels of output in 2009.

This is a throwback to pre-crisis 2007, with American deficit-financed consumption set against Chinese surplus-creating exports.

The effect on consumption may be to trim 3% off GDP relative to pre-crisis levels.

For developing countries, excluding those in transition, growth is significantly less than the rate of the pre-crisis 1990's.

Revenue has rebounded to pre-crisis levels, and 2009 compensation is on pace to approach or surpass the record payouts of 2007.

It lost 40% of its value from February 2008 to March 2009, and remains 25% below its pre-crisis peak.

Recovering from that takes a long time, even after a return to pre-crisis growth rates.

And profits are soaring, up 77% to $709bn for the 2010 financial year, just $80bn short of the pre-crisis peak in 2007.

In contrasttoChina, the most important tive should be to stimulate privateandpublic investment, which remains well below pre-crisis levels.

Worse, it was 4 per cent below its pre-crisis level, while US GDP was 0. 6 per cent higher.

Will the US return to pre-crisis GDP trend growth of 3 per cent in 2013?

For example, when pre-crisis economists talked about the commodity boom, they almost never mentioned easy money.

The pre-crisis average G20 government deficit of 1. 1 per cent of national income is expected to surge to 6. 9 per cent in 2010.

By contrast in pre-crisis 2007, China was equal eighth, with eight companies in the top 500 (plus nine from Hong Kong).

This is up from $531bn last year but well short of the pre-crisis record of $1, 277bn seen in 2007.

the yield on 10-year gilts has remained below pre-crisis levels and is now close to 3 per cent;

Safety Management in Urban Rail Transit on the Pre-crisis Management