In short, the economy then was limping because the dollar was in aninflationaryspiral downward, and its descent led to the relative starvation of economic innovators.
That has raised global concerns that China will have to tighten so much to prevent aninflationaryspiral that it will bring its economy in for a hard landing, into a recession.
The good news from the deflationary trend, of course, is that it makes it unlikely the Fed will raise interest rates here, and almost guarantees that the U.S. economy wont go into aninflationaryspiral.