The current economic upswing provides an opportunity to build greater economic resilience, the Bank for International Settlements (BIS) writes in its 87th Annual Report. This involves shoring up the global economy's ability to withstand shocks and adapt to new trends, and preventing the emergence of imbalances.
Introduction: Towards resilient growth
What a difference a year can make in the global economy, in terms of both facts and, above all, sentiment. The facts paint a brighter picture. There are clear signs that growth has gathered momentum. Economic slack in the major economies has diminished further; indeed, in some of them unemployment rates have fallen back to levels consistent with full employment.
The views expressed here do not necessarily reflect the views of the BIS member central banks.