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Part of the reason for the weaker projected growth is the expectation of slower labor force growth.
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In February, Reprise announced that it was suspending its mainstage productions due to weak projected ticket sales and a dismal financial outlook.
"In some of the weaker projects you see, the technology takes over.
You shouldn't think of projects in the Incubator as a repository for weaker projects, he noted.
Moore said the aircraft was burning slightly less fuel than expected, but on the negative side, tailwinds had been slightly weaker than projected.
Not only has demand been "somewhat weaker than projected", said the bank, but sustained recovery could be at least a year away.
"If European growth turns out to be weaker than projected, which in turn would makes it tougher for Greece to grow, then Greece should be allowed greater leeway after the fact in meeting its fiscal targets," he wrote.
"The weak economy is making weak projects worse.
"Having weak projects hitting a weak market is just adding to the price pressure in that market".
The lack of shareholder pressure that lets companies focus on long-term projects removes the market discipline to boost performance and cull weak projects.
Indeed, project team goals in industry are often of the go/no-go variety, where a weak project might get scrapped at short notice and the researchers need to be able to let go and move on.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com