Chief economist for Asia-Pacific at Standard and Poor's, Paul Gruenwald, says some of the risks include China trying to dampen its financial excesses, the effects of the United States reducing its stimulus measures, and the eventual rise of interest rates.
He says the US and some advanced markets are now seen as more attractive relative to some emerging markets.
Dr Gruenwald, who's currently in New Zealand, says that could cause some problems for some of the deficit countries such as India and Indonesia and to a lesser extent some of the South East Asian countries.
Nevertheless, Dr Gruenwald says growth, led by the forecasts of a 3 percent expansion for the United States and 7.5 percent for China, should boost subdued trade flows internationally.
He says any concern about New Zealand's growing reliance on China, which accounts for 22 percent of exports, is outweighed by the sheer size of that market, and the growth of its middle class.
