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So how has Manhattan (and, to a lesser extent, sought-after pockets of Brooklyn) managed to avoid a slump?
The question now is whether Beijing, having used administrative methods to take a more prominent role in guiding the economy, can avoid a slump while still keeping inflationary pressure under control.
It gave warning that a sudden economic slowdown could "precipitate a fiscal and financial crisis", with unpredictable implications for social stability (though World Bank officials tend to be optimistic that China can avoid a slump).Dangers pendingMr Xi is being besieged from all sides by similar warnings of possible trouble ahead.
It would be allowed to spend more than its tax revenues - to borrow - to avoid a slump, if the Office for Budget responsibility were to rule that times were no longer "normal".
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In sports, one of the toughest tasks an athlete faces is avoiding a slump the season after a breakout year.
Nor does it seem to count for anything that the "runaway" increase in public spending and borrowing has been a central plank in avoiding a slump.
Standing (or sitting) tall and avoiding a slumped posture projects authority and confidence.
The question is whether this can happen fast enough to avoid a nasty slump.
Despite problems at home and abroad, Brazilian authorities remain sanguine about their ability to avoid a prolonged slump.
Not only did we avoid a third slump; revisions to historic GDP statistics adjusted away the second dip, too.
With little sign that country-by-country plans have helped to kick-start lending, the G7 believes immediate action is vital to avoid a major slump.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com