EFTA Document EFTA01458969

8 December 2015 World Outlook 2016: Managing with less liquidity Little hope for en export recovery We do not carry high hopes for exports to recover due to Japan-specific factors (continued outward foreign direct investment, low price elasticity for luxury goods exports, an exclusion of Japanese manufacturers from the global supply chain since the Greet East Japan Earthquake) as well as a global factor, namely the shift to a closed economy regime (disappearance of growth frontiers: decl