Reduced growth potential Last but not least, the medium-to-long-term growth outlook is overshadowed by what we think is a downshift in potential output growth in many industrialised economies.

• 潜在经济增速放缓。最后一个要点是，我们认为，许多工业化国家潜在工业增速的下行逆转给中长期经济增长前景蒙上了阴影。