SMU Adjunct Professor and Institute of Southeast Asia Studies Visiting Senior Research Fellow Joergen Oerstroem Moeller felt that economic growth in 2014 would be driven by the developed economies of US and the Euro Zone, and by Japan to some extent, rather than by the emerging economies as has happened in the last decade or two. Portugal, Italy, Greece and Spain have achieved balance of payment, and are moving into a much better position with regards to their public budget and banking sector.