But there are actually a few runs on the board now  •  the level of gross investment in some sectors is barely above depreciation rates  •  the population is growing, meaning there will be more demand for housing, infrastructure and consumer goods and services  •  the dynamic of proximity to a rising Asia, with all its opportunities, remains.
Business will need to respond to trends that foreshadow sustainable increases in demand and incomes. Not all that response will come from the large established players; a significant proportion will come from smaller and newer players, most of which operate “below the radar”. The financial capacity to provide credit prudently will help them do so.