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But the figures mask a modest recovery.
Both figures assume a modest recovery in the housing market.
Foreign direct investment has made a modest recovery.
Last summer's modest recovery in home prices has apparently ceased.
The company has benefited from a modest recovery of the Texas economy, Mr. Leon said.
It said: A modest recovery is expected to start in late 2013, supported by net exports.
For Japan, the statement said a "modest recovery" was expected, but warned that "downside risks remain".
Without a successful stabilization of the banking system, even a modest recovery would have been inconceivable.
It threatens to curtail a modest recovery in consumer spending on items like apparel and electronics.
A modest recovery is enough for bond holders, but the stockholders need a big recovery".
The company said the forecast reflected a continued modest recovery in the global economy.
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CEO of Professional Science Editing for Scientists @ prosciediting.com