Today, it is commonly admitted that the Asia-Pacific region keeps a formidable potential for structural growth.
That makes it more of a temporary boost rather than long-term structural growth.
Its strong fiscal position, receding inflation and expansionary policy measures should ensure a soft economic landing, but it needs to expedite its effort to diversify the source of growth and strengthen structural reforms for inclusive growth.
Cembalest points out three main risks: inflation, how consumption is financed, and structural impediments to growth.
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For starters, pro-growth structural reforms are not part of the current debate in the US and Europe.
They argue that America's long-term structural rate of growth remains higher than that in the euro area.
President Obama admits there are structural impediments to growth in this country.
Nor do we expect pro-growth structural reforms such as repeal of the 1974 budget and impoundment act, the line item veto, pay-go rules to require spending cuts to offset proposed spending increases, scoring reform, or a super-majority vote to pass new entitlements.
In a recent study, economists at the IMF analysed the respective impact of deficit reduction, global rebalancing and productivity-enhancing structural reforms on the growth prospects of big rich economies and found that by far the strongest positive effect came from structural reforms.
However, in her speech, Mrs Merkel said economic growth and structural reforms had to go hand-in-hand.
None has been bold enough to push through liberalising structural reforms to raise growth and productivity.
But delivering the jobs and wage rises that ordinary Peruvians clamour for requires both faster growth and structural reforms.
All of this reinforces the question: is the strategy for cutting deficits and depending on structural reforms to boost growth working?
The second quarter started with a large correction, on the back of eurozone fears and much pessimism about structural impediments to Brazilian growth.
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Moreover, structural reforms to boost growth have been implemented slowly while the forecast for European economies has dimmed, further darkening the outlook for Greece.
It is popular to blame Europe's sluggish growth on structural rigidities.
But what enabled the banking crisis to happen was a structural imbalance in the growth model of the global economy over the last two decades.
Structural reforms may boost growth, but mostly in the medium term.
Mr Eyzaguirre reckons that, once the world is growing again, Chile's idle capacity will allow it two years of rapid growth before structural reforms need to kick in.
She said that the choice between deficit reduction and growth was a false one and called on Europe to boost growth by structural reforms, not by spending more.
Structural reforms to promote growth can take years to work.
The contrasting stories of Sweden and Japan suggest that although big crises can offer an opportunity to overhaul an entire economy, a prolonged period of sluggish growth makes structural reforms increasingly difficult.
"The high current account deficit limits room for further easing, and the slowdown in growth is structural and due to supply-side issues, and should be addressed through reforms by the government, " said Leif Eskesen, chief economist for India and Asean at HSBC.
They also think the so-called "troika" - the European Commission, ECB and the IMF - should be looking for imaginative ways to help encourage structural reform and economic growth at the same time - for example, through temporary wage subsidies for new businesses, or programmes to support lending to SMEs.
Many countries in Europe, especially in the south, need deep and prolonged structural reforms to enhance their growth potential.
That's all the more true because Europe's governments have been remarkably timid, compared with the Nordics, in exploiting another avenue to growth structural reform.
"The country has taken an important step forward along the necessary path of fiscal consolidation and growth-enhancing structural reform, " they said in a joint statement.
America has not managed much in the way of growth-enhancing structural reforms and has a long to-do list, from improving worker training to reining in health-care costs.
If Italy passes a comprehensive pro-growth plan of structural reforms and privatization, delivers on fiscal plans proposed during the summer, and the ECB continues to support the Italian bond market, a solution can be found.
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