On balance, I am cautious, but I am also optimistic enough to believe that the factors that have been holding back growth need not be permanent and could turn, even fairly rapidly. What would be the likely consequences if growth were to shift up on a sustained basis?
Here I think it will be important to consider and observe the form that higher growth takes. In particular, it matters whether growth is embodied in a sustained increase in the productive capacity of the economy or, instead, is primarily the product of a boost to aggregate demand.