This too is a desirable trend, although it is still unclear how much will be an enduring development. BIS Review 62/2010  5  6. Domestically cautious rebalancing is underway  While the export sector has strong drivers, the domestic sector is seeing much more fragile recovery. There are no strong drivers here.
Businesses and households have been through a harsh experience and they are responding very cautiously, deleveraging their balance sheets. Balance sheet adjustment can take some time.