EFTA Document EFTA01458960

8 December 2015 World Outlook 2016: Managing with less liquidity Of course, there is always the possibility that growth surprises to the upside -although this is less likely because the economy has underperformed policymakers' expectations over the past half-dozen years. In terms of the upside risks to growth, the rapid appreciation of the dollar may already reflect the expected divergence of central bank policies. In turn, the pace of dollar appreciation may slow significantly over the