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All major macroeconomic indicators – growth, unemployment and inflation – suggest that 2017 will be the American economy's best year in a decade. And the global economy is enjoying broad, synchronized growth beyond what anyone expected. There are relatively new heads of state in the U.S., France, and the United Kingdom; German leaders still have not formed a governing coalition since the general election in September; and the U.S. Federal Reserve has a new chair awaiting confirmation.On this front, I predict that the major central banks will continue to normalize monetary policies more gradually than is necessary. The biggest risk here is that markets may try to test the Fed under its new leadership, for example, if inflation rises faster than anticipated.Seventh, let us hope that new policies targeting information and communication technology strike the right balance among all stakeholders' competing and legitimate concerns. On one hand, there is reason to worry about certain Internet companies' concentration of market power, particularly in online content and distribution, and about the effects of new technologies on personal privacy, law enforcement and national security.
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