Hand in hand went large productivity gains and terms of trade improvements, which were mostly associated with foreign direct investments (share in GDP of 7% was relatively high). Capital flows also contributed to improving financial sector infrastructure, increasing the resilience of the financial system to shocks, and allowing for a smoother and efficient allocation of resources.
On the downside, persistent global imbalances immediately come to mind, as does the lack of success in the Doha round of trade talks. These risks could result in significantly slower global economic growth. At the same time, we cannot rule out the possibility of stronger growth, especially in Asia. Of course, we know that events can turn out very differently from our expectations today.