We have had more scope than others to move policies in the expansionary direction and our banks, being largely free of problem assets, are in a position to keep supplying credit to the economy. Having said that, no amount of good economic management can totally shield us from what is happening in the global economy.
In my talk today I would like to review how the global economy is evolving; update you on how we are seeing the domestic economy; and say a few words about household sector finances and the housing market. The global economy We all know by now that the global economy is going through a recession.