Though the pace of decline is likely to abate, I am decidedly uncomfortable forecasting a sharp and determined resumption of growth in the coming quarters. The panic conditions that have marked this period may also have long-run implications. I suspect that the process of an efficient reallocation of capital and labor will prove slower and more difficult than is typical after recessions.
Also, balance of payments and international investment position data constitute an indispensable link in the compilation of data for various components of the national accounts (e.g., production accounts, income accounts, capital and financial accounts, and the related measurement of national wealth). The balance of payments is directly aligned and integrated with the system of national accounts.