5  6  Figure 3: Contribution to annual potential GDP growth in recent business cycles 4.5  %  % 1991-97 cycle  1998-07 cycle  4.5  Current cycle  4.0  4.0  3.5  3.5  3.0  3.0 Total factor productivity  2.5  2.5  2.0  2.0  1.5  Labour  1.0  1.0 Capital  0.5 0.0 1991  1.5  0.5 0.0  1995  1999  2003  2007  2011  2015  Source: RBNZ estimates  vi)  The economic impact of high migration has been different from earlier cycles  Migration inflows affect aggregate demand and supply in the economy.
This Fourth Industrial Revolution and developments in digital finance hold huge potential for job creation and the promotion of small business development in emerging market and developing economies. According to the Global Information Technology Report 2016, the future of countries, businesses and indeed individuals will depend more than ever on digital technologies.