Market Outlook in February 2008

Here's a piece of (now) old information. The forecast for markets in February was that the 2008 would be a highly volatile year. The US economy would contract for months before resuming growth at the end of the year. Asian economies were expected to remain resilient, benefiting from demand in China and India. Looking at the markets in Australia, Europe, and US - they all go up and down about the same time.
Now I'm interested to find some current forecasts. So far we've seen the credit crunch and the burst of American housing bubble. But, obviously, that was not all of it. These are definitely interesting times.