The outlook is subject to downside risks, related both to the external and domestic environment. The global growth and trade slowdown could affect export growth more markedly, while a disorderly Brexit is also a significant downside risk to the forecast. A possible sharp correction in global financial markets could increase the cost and reduce the availability of funding.
That ideas should freely spread from one to another over the globe, for the moral and mutual instruction of man, and improvement of his condition, seems to have been peculiarly and benevolently designed by nature …”, Letter of Thomas Jefferson to Isaac McPherson, 13th August 1813. 5  Acemoglu, Aghion and Zilibotti (2006). 6  This is the so-called advantage of backwardness, Gerschenkron (1962).