5/6  BIS central bankers' speeches  6. Sixth, the preserved labour market in the pandemic conditions and a further rise in employment and wages represent the most significant source of personal consumption growth, which will, in our estimates, remain on a sound footing, contributing to economic growth, while not generating any major inflationary pressures.
Economic growth is accompanied by an increase in production capacities, which means that there is no overheating of the economy, nor is this expected over the projection horizon. 7. Finally, owing to all the results achieved, we are a half a step away from investment grade rating.