"The US economy is becoming more open and globally integrated," says Mortimer, a Torto Wheaton vice president and managing economist. "As a consequence, trade—measured by the sum of imports and exports of goods—will continue to account for an increasing share of GDP."

She bases her optimism largely on the likelihood that over the next 10 years many emerging markets in Asia, Europe and Latin America will contribute to increases in global trade as their economies and currencies gain strength, much as China has done in the current decade. In addition, she says, the US is regaining ground as a major exporter.

"With the dollar's recent weakening, our exports have become more attractive worldwide, creating greater demand for American-made goods," the economist remarks. "Historically, the US consumer has demanded more foreign-made goods than foreign consumers have demanded American-made. This, however, is currently reversed, resulting in a more open economy. Over the long-term, export demand for US goods and services is anticipated to continue to grow."