"Early recognition of non-performing assets, a reduction of forbearance, and gradually unwinding of the system of implicit guarantees to better align borrowing costs with risk-adjusted returns remain essential for improving credit allocation and containing the accumulation of vulnerabilities", the International Monetary Fund said. This is the highest share of countries experiencing a year-over-year growth pickup since 2010.
In this respect the authors do add the caveat that the income from these smartphone sales "does not fully contribute to the Irish economy", as the acquisition of foreign owned IP assets, "leaves domestic employment mostly unchanged". The IMF warns against precautionary further easing or premature tightening.
It lists a number of risks that could lead to weaker performance than its main forecast, including what it calls policies that "harm global trade". Not a chance. "Global growth is on an upswing, but favourable conditions will not last forever, and now is the moment to get ready for leaner times", Obstfeld writes.
Protectionism also affects consumers by making tradable goods more expensive.
However the prospects for emerging markets remain more positive in the medium-term and will remain close to 2018 / 2019 levels due to the rise in commodity prices and an increase in India's growth, offset by the slowdown in China.
He says the reason for the deficit is that total spending in the U.S. exceeds income.
"The measure is unlikely to be temporary or targeted, and foreign buyers seem to have played a minor role in New Zealand's residential real estate markets recently".
The general thrust of this report is relatively upbeat for the near-term future.
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The global economy is expected to grow at a solid pace through next year, boosted by faster expansion in the United States and Europe, but after that risks will build, the International Monetary Fund said on Tuesday.
Mr Obstfeld describes the upgrade from 3.7% as "substantial".
The 2017 recapitalisation plan for major public sector banks will "improve the banking sector's ability to support growth", the report said.
Inflation is already above the government and Bank of England's target of 2%.
That said, Mr Obstfeld describes longer-term prospects as "more sobering". Overall, the Irish economy expanded by about 7.8 per cent in 2017, which means that iPhone sales would have accounted for a quarter of that, or about 2 per cent of overall growth.
Among developing countries, he says those that depend on exporting commodities need to diversify their economies.
Most funds for IMF loans are provided by members via payments based on their position in the world economy, although the IMF can also borrow. The eurozone, which emerged only slowly from its 2011-2012 debt crisis, is expected to benefit from continued low rates.