Goldman Sachs chief economist, Jan Hatzius, lays out three risks to an otherwise optimistic outlook here:(http://www.businessinsider.com/goldman-sachs-chief-economist-jan-hatzius-says-economy-good-but-there-are-three-risks-2017-1)
“1. Trade protectionism: “Associated with the transition to the Trump administration, a hard turn towards protectionism. That’s definitely something that we’ve got our eye on that I think is a downside risk to the global economy.”
2. European politics: “While Europe has improved there’s still some significant problems, especially in the labour markets of the southern European economies.”
3. China: “China continues to see very rapid debt growth and increases in the debt to GDP ratio so we would have to have a close look at signals from China, especially as far as capital flows are concerned and this is a major focus of our Asia economics team.”
And here is a chart showing a pick up in current economic activity in selected markets:
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