Dr Shane Oliver from AMP has written about his outlook for 2011.  In summary:

• Our base case is that 2011 will see global growth continue,and this,
  combined with attractive valuations and easy money, is likely to
  underpin renewed acceleration in the recovery in shares and other
  growth-oriented investments.
• However, it’s often useful to consider potential
  surprises,particularly if they are non-consensus. As such, the following
  are ten plausible, but not necessarily related, surprises that are
  outside consensus expectations for 2011