Moreover, U.S. public debt is rapidly approaching its statutory limit which, if not resolved, would curtail the options available to the U.S. Treasury to stave off a debt default. A second downside risk is the deterioration in the industrial relations climate. Prolonged industrial action similar to that experienced at the TCL plant could setback the incipient growth trend in the non-energy sector.
6  BIS central bankers’ speeches  Finally, bottlenecks in project implementation (for example, failure to settle contractor payment of arrears or to agree on which projects are suited to the P3 model) also represent a serious downside risk to the envisaged growth outlook. The recovery in 2013 depends heavily on a strong fiscal impulse.