Jan Hatzius is chief economist of Global Investment Research (GIR) at Goldman Sachs, and achieved notoriety with his early recognition of the housing bust in 2008.

Here he discusses the current outlook for 2014.

The outlook is fairly rosy, so it’s interesting Goldman just released “Where we worry: Risks to our outlook”, exerpted extensively at Zero Hedge.

Downside economic risks include:

1. Reduction in fiscal drag is less of a plus than we expect

2. Deleveraging obstacles continue to weigh on private demand

3. Less effective spare capacity leads to earlier wage/inflation pressure

4. Euro area risks resurface

5. China financial/credit concerns become critical