To a large extent, this can be attributed to the correction of economic policies at the national level. Imbalances are receding and foundations are being laid for improved competitiveness and stronger growth.
So one question for the period ahead is whether the slower US growth portends a softening elsewhere, or whether other regions are big enough and internally vibrant enough to carry on growing reasonably well in the face of the US slowdown. To a large extent this will hinge on how widely the slowing extends within the US economy itself, and how long it lasts.