The example of Japan, where there has been deflation for well over a decade, had not yet occurred in 1982. Of course, they might just have expected the inflation still to be coming. They would not be alone in that view. It is certain though that Hogan would have been watching all these developments with close interest.
According to the projections for global economic growth released by the International Monetary Fund (IMF) in April 2014 in its World Economic Outlook, global growth is projected to strengthen to 3.6 percent in 2014 and then to 3.9 percent in 2015, rising at a moderate pace to reach a rate exceeding its long-term average.