Uncertainty over China s growth path is more fundamental.

view of the deterioration of the labour market and the fall in inflation . Looking ahead , wage growth is projected to remain moderate .

Will the United States engineer a path to renewed growth?

Nonetheless, China eventually managed to rid itself of deflation and return to rapid economic growth.

No doubt, Turkey s ability to continue on a rapid growth trajectory remains uncertain.

Incoming macroeconomic data continue to point to moderate but ongoing real GDP growth .

Incoming macroeconomic data continue to point to moderate but ongoing real GDP growth .

Incoming macroeconomic data point to moderating but ongoing real GDP growth .

Looking further ahead , the conditions remain in place for moderate economic growth to continue .

This assessment was confirmed by the relatively moderate growth of credit in 2002 .

Low economic growth in 2002 resulted from a clustering of adverse shocks which contributed towards an increase in uncertainty and reduced expectations of a rapid recovery .

moderated

Slow

REAL GDP GROWTH PROJECTIONS The underlying pace of euro area economic growth has been on a moderating path since 2006 .

This worsening reflects the protracted deterioration of the primary surplus and the moderate growth of nominal GDP .

Encouragingly , accession countries have

Wage increases remain contained , against the background of ongoing moderate economic growth and weak labour markets .

As a result , unit labour cost growth is projected to remain contained in both 2004 and 2005 .

Residential private investment is projected to continue to grow at moderate rates over the horizon .

Growth in nominal compensation per employee is assumed to remain moderate over the horizon .

If these things happen in 2013, the US economy can return to a more normal path of economic expansion and rising employment.

The strong overall issuance activity by the private non MFI sector was supported by a further improvement in financing conditions and improved business confidence in the course of 2003 ( see Box 2 ) .

Looking ahead , the Governing Council expects the euro area economy to grow at a moderate pace in 2010 .

Despite two recent lackluster employment reports, there are many reasons to expect that growth will accelerate in 2014.

Private consumption growth is also expected to be subdued in the period ahead , but much less so than growth in other demand components .

Only by putting the continent firmly back on the path of growth will Europe s leaders be able to address the external challenges they now confront.

Second , the growth in nominal compensation per employee is assumed to remain moderate over the horizon .

Second , the growth in nominal compensation per employee is assumed to remain moderate over the horizon .

The latest information on economic activity also underpins previous expectations of moderate but ongoing growth in the first quarter of 2008 .

Without a return to growth, they cannot quell investors doubts about their fiscal sustainability and their banks solvency.

Returning the eurozone s peripheral economies to the path of growth requires more than structural reforms and fiscal consolidation.

Monetary and credit expansion is due partly to the moderate level of interest rates and solid economic growth .

For the fourth successive year , net trade in goods and services provided a positive , albeit small , stimulus to growth , underpinned by subdued growth in relative unit labour costs and , as a result , improvements in competitiveness . The rise in domestic demand was linked to an improvement in investment growth and an increase in stockbuilding , while growth in private consumption was unchanged and government consumption was weaker than in 1996 .

Over recent quarters , wage increases have remained moderate . In the context of moderate economic growth , this trend should continue .

As productivity growth is projected to remain roughly stable , this implies a projection of moderately increasing unit labour cost growth over the horizon .

Its purpose would be to prevent financial meltdowns in countries facing difficulties servicing their external debt and to guide their economies back toward sustainable growth.

Annual growth in unit labour costs in the economy as a whole was somewhat higher than in the previous year , although it remained moderate .

The economic fundamentals of the euro area are sound , and incoming macroeconomic data continue to point to moderate but ongoing real GDP growth .

The time is right for a new global settlement that targets growth, addresses crisis conditions in certain parts of the world, and rebalances the global economy to set it back on a path of strong and steady growth.

The Governing Council expects the euro area economy to expand at a moderate pace in 2010 , but growth patterns could be uneven in an environment of unusually high uncertainty .

Moderate exercise stimulates the circulation of blood.

Moderate exercise stimulates the circulation of the blood.

Starting with the economic analysis , recent indicators of economic activity in the euro area have , on balance , confirmed that growth has remained subdued .

In general , they point to ongoing economic growth at a moderate pace over the short term , with no clear signs as yet of a strengthening in underlying dynamics .

Overall , the Governing Council expects the euro area economy to expand at a moderate pace in 2010 , in an environment of uncertainty , with the growth pattern possibly being uneven owing to a number of special factors .