Part of the reason lies in the computable general equilibrium (CGE) models used by the Bank's (and other) economists.

ECONOMIST: Weighed in the balance

Until this year, all CGE models were based on tariff data from 1997 and hence attributed all liberalisation since then (such as that coming from China's accession to the World Trade Organisation) to the Doha round.

ECONOMIST: Weighed in the balance