Of course, in the two-year projection period, the possibility cannot be ruled out that shocks significantly affecting economic activity and prices might occur and cause upward or downward deviations from the projected outlook.
The Outlook Report pointed out factors to which the Bank should pay due attention, as they could cause economic activity to deviate: developments in energy and materials prices,  2  BIS Review 35/2005  developments in the U.S. and Chinese economies, and developments in domestic private demand.