Indeed, the current recovery is showing considerable resilience, which to a large extent reflects the fact that domestic demand is the primary driver of growth. At the same time, there are encouraging signs that both global growth prospects and world trade are strengthening and may well act as tailwinds to further support the recovery.
Monetary policy is playing a central role in supporting consumption: lower interest rates are ensuring favourable borrowing conditions and encouraging households to bring forward durable consumption as well as firms’ investment. Consumption of durable goods has rebounded in recent years, and especially in countries where credit was previously very tight.