Despite being under downward pressure stemming from the spread of COVID-19, it has managed to recover and stay resilient without falling into a marked slowdown that had been of concern during the early stages of the pandemic (Chart 2). In my view, the following two global commonalities can be highlighted as the background to the global economy's resilience.
The first factor is that, with the impact of COVID-19 waning, private consumption has been solid, due in part to pent-up demand -- that is, demand that was suppressed during the pandemic.