In the past two months the world economy appears to have lost momentum, reawakening similar fears to the early summer of 2010. Is the much feared yet anticipated “double dip” on its way?

Although not seen in all corners of the world, many economies have had a sudden softening, including those that have not had much of a post-crisis recovery as well as some of the stronger ones. Similar culprits for this year’s slowing appear to be in force again; the impact of rising food and energy prices on disposable incomes and consumption, the European financial crisis, concerns about actual and future fiscal tightening, and continuing difficulties for banks to lend capital when they are under pressure to hold more.

Two new factors are on the scene this year. First, some of the “growth economies” are slowing because their policymakers are deliberately trying to slow growth from above trend. This is especially true for China. Second, and the really intriguing one, the supply chain consequences of the Japanese earthquake and tsunami. In this regard, what happens to the fortunes of the Japanese chipmaker Renesas might be one of the more important things to watch in coming months.