Thus, while there are cyclical factors underlying the current growth momentum, there is a growing confidence that a structural acceleration of growth is underway. The acceleration of growth in the real sector has been reflected in the upward shift in the growth trajectory of non-food credit extended by commercial banks.
Usually, as they go around the room reporting on conditions in their industry or part of the region, you hear the full spectrum of emotion from gloom to caution to outright enthusiasm. But I will never forget the chill that went down my spine as every single person at that meeting talked about hunkering down and conserving cash.