Last month, I drew some very tentative lessons from the events as we saw them evolving at the time. By now we have learned more, but the lessons to be drawn still remain tentative and provisional.
Based on the industry liaison the Bank has done, around half – give or take – of the demand generated by these projects is typically filled locally, though, of course, this amount varies with the nature and details of any specific project. So there are effects that spill over, even though it is not always easy to spot them.