One example of its improving resilience is the fact that domestic demand is now the mainstay of real GDP growth. Previously, growth in euro area was closely correlated with the strength of international trade, but that relationship has weakened recently; last year’s growth would not have been possible in view of the lacklustre international conditions.
2  BIS central bankers’ speeches  While this growing share necessarily comes at the expense of Europe and the US, we need to remind ourselves that the global economy is not a zero-sum game. A more affluent China also means larger export markets for European goods and services. Moreover, China is not alone.