The impressive performance of the U.S. economy over the past couple of decades, despite shocks that in the past would have surely produced marked economic contraction, offers the clearest evidence of the benefits of increased market flexibility.
BIS central bankers’ speeches  3  resources from agriculture to manufacturing) allow the achievement of high rates of economic growth. As the opportunities brought about by starting from behind dilute with increased levels of income, potential growth declines. Unfortunately, the efforts of structural reform in EMEs stagnated in recent years.