demand growth .

On the external side , global growth is expected to remain robust .

The country has commenced economic reforms and growth has been robust.

Sentiment indicators remained very strong and employment growth robust .

The decline in inflation should be seen against the backdrop of robust economic growth .

These outflows are likely to have reflected general

In addition , robust growth in some large emerging economies , coupled with strong trade activity , contributed to the robust pace of the global expansion .

However , the growth of loans to non financial corporations has remained very robust .

Following several years of robust monetary growth , liquidity in the euro area remains ample .

Furthermore , the growth of borrowing especially mortgage loans remains very robust .

Furthermore , the growth of borrowing , especially mortgage loans , remains very robust .

These concerns were compounded by the development of the euro exchange rate .

Strong employment growth largely accounts for the decline in unemployment The decline in unemployment stemmed from the vigorous growth in employment .

The strength of real GDP growth in the fourth quarter is thus indicative of ongoing robust growth in the euro area .

In the majority of countries , rapid credit growth and an expansionary fiscal stance also contributed to robust growth in domestic demand .

2 MONETARY , FINANCIAL AND ECONOMIC DEVELOPMENTS 2.1 THE GLOBAL MACROECONOMIC ENVIRONMENT WORLD GROWTH MODERATED BUT REMAINED ROBUST In 2006 the global economy continued to expand at a robust pace , despite some gradual moderation in the growth momentum .

Over the past few months , money and credit have continued to grow robustly in the euro area .

Growth in the Asian region was particularly robust , with the Chinese economy showing signs of overheating .

Following several years of robust monetary growth , the liquidity situation in the euro area remains ample .

International financial institutions deeply embedded in the country applauded the government as a facilitator of robust economic growth.

The growth of euro area exports has remained robust as a consequence of the dynamic expansion of the world economy .

The annual growth rate of debt financing of non financial corporations recovered somewhat in the first half of 2003 , mainly in connection with short term debt financing growth . By contrast , in the second half of the year the annual growth rate of debt financing of non

As regards the external environment , global economic growth has become more balanced across regions and remains robust .

Overall , global growth should remain robust and therefore continue to provide support for euro area exports .

One of the main factors leading to this conclusion is the still high growth of MFI loans to the private sector , which is underpinning the robust nature of monetary growth .

In particular , growth in the most liquid components of M3 continues to be very robust and the annual growth rate of loans to the private sector has increased further .

However , the growth of bank loans to non financial corporations has remained very robust despite the rises in short term rates .

Real GDP growth in the United States should also remain robust , although lower than in 2004 .

They are a biannual input into the Governing Council 's assessment of economic developments and the risks to price stability .

Real GDP growth in the United States should remain robust , although at somewhat lower rates than in 2004 . Real GDP growth in non Japan Asia is expected to remain well above the global average , but lower than in recent years .

Economic growth in the euro area remained robust , but declined somewhat from the high levels seen in the earlier part of the year .

This risk was especially pronounced in an environment of robust economic growth and tight labour market conditions in some sectors .

On the domestic side , investment should benefit both from continuously favourable financing conditions and from the robust growth of corporate earnings .

Real GDP growth in the United States should remain robust , although at somewhat lower rates than in 2004 .

While marketing has contributed to the rise, the luxury market s robust growth is actually rooted in biology.

In addition , developments in monetary and credit aggregates indicated risks of upward inflationary pressures in a context of still robust growth .

The recent positive employment performance was to a large extent the result of the robust economic growth in the second half of the 1990s .

In particular , corporate earnings and profitability have been sustained , employment growth has been robust and unemployment has fallen .

The projections for real GDP growth and employment imply that labour productivity growth , although declining slightly over the horizon , will remain robust .

Among the driving factors , export growth is expected to continue to support economic activity , as foreign demand is assumed to continue to grow at a robust pace .

Growth in the economies of the euro area 's main trading partners remains robust , providing support for euro area exports .

Helped in part by lower oil prices , global growth is robust , thereby providing support for euro area exports .

Leading economists have long argued that the West s greater reliance on markets resulted in faster and more robust economic growth.

Combined with robust growth in China, in 2009, this resulted in China becoming the largest car producer and market in the world.

Growth in emerging economies remained solid and accounted for a significant share of world GDP growth in 2007 , as mature economies expansion weakened ( see Chart 3 ) .