The speech attributes these outcomes to both the economy's improved capacity to adjust and to effective policy frameworks. In particular the speech concludes that the monetary policy framework has helped the Bank to deliver on its mandate through difficult times.
The speech goes on to note that, although the economy performed well overall, the average growth rate of real GDP has been lower in the past decade than the one before. Some slowing was inevitable given the earlier decade included a recovery from recession, but even allowing for that real growth has been lower.