Of course, there were some worrying signs, but they seemed less significant than the factors listed above. Households in particular had taken on a lot of debt by their past standards, though not by international standards; they were also having to cope with higher oil prices.
2 Promoting long-term growth and resilience Russia’s war of aggression on Ukraine has changed the geopolitical landscape. Policymakers and economists are striving to reduce, diversify or focus economic dependencies on safe trading partners. This shift may come at a cost to efficiency and productivity, which is something we will probably have to accept to some extent.