With its focus on resilience, the German G20 presidency builds on previous work on structural reforms and growth-promoting policies. 1/5  BIS central bankers' speeches  2. Strong real economies are the basis of resilience More resilient economies are less prone to severe downturns, rebound faster from negative shocks, and adapt more easily to structural changes.
The ability of the private and public sector to absorb shocks is therefore an important factor affecting resilience. High levels of debt constrain this ability, in particular if low productivity growth weakens the ability to service outstanding levels of debt. A stable financial system and a resilient real economy are two sides of the same coin.