In my opinion, what is now important is to avoid  BIS Review 9/2004  5  being lulled into a feeling of security through the emerging cyclical revival. There is still considerable need for action and reform to improve long-term growth perspectives. 6  BIS Review 9/2004
In particular, partly because consumption opportunities were constrained by the imposition of various restrictions, pent-up demand for private consumption materialized all at once as the spread of COVID-19 subsided. This has increased labor demand, which in turn has led to labor shortages and upward pressure on wages.