The result has been a big rise in idle capacity.
The bank said idle capacity in the economy was limited and inflation was likely to rise.
Instead, demand continues to shrink and idle capacity to build up.
So far, growth has come from bringing idle capacity back into use.
Growth, when it comes, will be too feeble to stop unemployment rising and idle capacity swelling.
There is also plenty of idle capacity in the construction industry — unemployed workers, unused machinery.
Inflation is stable because there is less idle capacity to restrain prices.
There is similar idle capacity in chemicals, autos, aircraft, plastics, long-distance phone service and machinery, among other industries.
The French company will be able to put more of its idle capacity to use, raising profit margins, he said.
Nokia has repeatedly said it would not use manufacturing services companies when it has idle capacity itself.
They are either in a hugely expanded public payroll, or involve the use of idle capacity in the private sector.
