This list here could include, to varying degrees, Canada, South Korea, Switzerland, New Zealand, and some of the Nordic countries. In each of these cases, interest rates are very low by historical standards, and in a number of them the central bank has recently drawn attention to the upward pressure on its currency (Graph 6).
This configuration of low interest rates and a high exchange rate is a consequence of the problems in the advanced industrialised economies. It is inevitably affecting the composition of growth in the countries concerned, although it need not be inconsistent with trend growth. Industries producing traded goods and services tend to be disadvantaged relative to the nontraded parts of the economy.