But now the instability is coming from the United States and, to a certain extent, from Europe and China.
In other words, it may well be that potential growth fell by less than we estimated during the depths of the crisis, and it is rising by less than we believe as the economy strengthens. So both the sudden drop in estimated potential growth in 2009, and the sharp rebound thereafter, are likely to be statistical artefacts, at least to some extent.