It is also a matter of public policy concern that the ratio of private sector credit to GDP has increased only marginally, from 25 percent in 2011 to 31.8 percent in 2016. Furthermore, the proportion of mortgage loans to total GDP has been, on average 5.2 percent in the last five years.
The COVID-19 pandemic and the fiscal and monetary policies implemented to mitigate it, together with the effects of the war in Ukraine, have been the main factors that have determined the global economic environment and economic policy priorities in the world. First, the performance of the global economy is less now than it was three years ago.