But these are not sufficient to rebalance the economy and restore its growth momentum.

Led by strong Chinese growth, emerging markets stabilized.

The strong growth of the global economy in 2003 and 2004 was both reflected in and driven by strong growth in world trade.

Growth momentum has fizzled and, with inflation persistently high, Indian producers are struggling to compete in world markets.

This may be necessary to restore robust growth, but it is not sufficient.

So China has reached a crucial juncture without painful structural adjustment, its economic growth momentum can suddenly be lost.

Developing the service sector could also diversify the production base, thereby enhancing economic resilience and boosting growth momentum.

Third, while US data have been surprisingly encouraging, America s growth momentum appears to be peaking. Fiscal tightening will escalate in 2012 and 2013, contributing to a slowdown, as will the expiration of tax benefits that boosted capital spending in 2011.

Lack of robust credit growth will hamper private consumption and investment spending.

Recent growth has been stimulated by strong activity in the construction sector and an improvement in tourism.

Every new major technological idea the steam engine, railways, or the personal computer adds up to a boost to growth.

So, too, the renminbi s stability has helped the region maintain strong growth, from which the world as a whole benefits.

Resumption of robust world economic growth is the basis for delaying the implementation of the Basel III bank rules.

Changing the economy s growth model or supply side structure, as labor costs rise, global market shares become large enough to limit expansion, and advanced countries growth momentum slows for an unknown period of time

Thus, India s high growth rates will have to remain dependent on strong domestic demand.

A failure of either Europe or the US to return to robust growth would be bad for the global economy.

India had a couple of years of strong growth recently (11.2 in 2010 and 7.7 in 2011) but slowed to 4 in 2012.

Beyond 2013, growth must depend on either the elixir of structural reforms, or a strong revival of the global economy.

As a result, there are now major questions about the sustenance of China's long powerful export led growth model.

This makes it hard for Europe to enjoy an extended period of high growth without inflation.

They know that relatively calm markets do not mean that strong economic growth is around the corner.

After all, a currency can appreciate while an economy is sluggish, or depreciate despite robust growth.

In sum, because India s existing economic institutions could not cope with strong growth, its political checks and balances started kicking in to prevent further damage, and growth slowed.

Three regions have collectively accounted for 83 of America s export led growth impetus over the past three years Asia, Latin America, and Europe.

Call me a growth optimist , but Europe looks poised for another good growth year in 2007.

Besides being at odds with reality, the claim of strong growth actually encourages the trade unions to ask for even higher wages.

Call me a growth optimist , but Europe looks poised for another good growth year in 2007.

In short, the stimulus will strengthen America s economy, but it is probably not enough to restore robust growth.

In short, strong growth tests economic institutions capacity to cope, and India s were found lacking.

It is fragile it could easily be spoiled.

All elementary particles have a characteristic spin, for example electrons always have spin 1 2 while photons always have spin 1 .

Indeed, the post crisis shortfall in domestic demand is causing stubbornly high unemployment, even as the economy recovers some of its growth momentum.

In this case, it is entirely possible to have very low interest rates co exist with strong growth.

Booms have similar characteristics strong growth in banks balance sheets and credit, and therefore a rise in leverage.

Most should be able to grow strongly, despite the challenging global environment.

Unfortunately, the fiscal stimulus was not well enough designed to get the economy onto a strong, self sustaining growth path.

Changing the economy s growth model or supply side structure, as labor costs rise, global market shares become large enough to limit expansion, and advanced countries growth momentum slows for an unknown period of time

With a low growth ceiling, strong economic performance generates inflationary pressures at a relatively early stage in the growth process.

If we seize the moment, we can navigate our way out of this crisis and restore strong, sustainable, and balanced global growth.

Strong economic growth and expansive monetary policies further boosted the trend, as did protectionist measures, such as export restrictions.

Second, we need a clear message from the G 20 that all of its members are delivering policies for strong, sustainable, and balanced growth.

The long running economic miracles of South Korea and Hong Kong ended, as did surging growth in Indonesia and Thailand.

In short, the stimulus will strengthen America s economy, but it is probably not enough to restore robust growth. This is bad news for the rest of the world, too, for a strong global recovery requires a strong American economy.

For a few years, the momentum created by previous reforms, together with strong global growth, carried India forward.

At the same time, it is vital that we seize the momentum for reform.