Especially after the collapse of Lehman Brothers in September 2008, the process of unwinding of financial imbalances escalated. Frictions spilled over from the core segment of structured products to other asset classes, spreads on credit and bond markets rose dramatically and interbank markets froze.
Real disposable incomes are likely to grow at a much slower pace in the coming years, but nevertheless we expect private consumption to increase somewhat, so that the consumption ratio will approach its normal level. We also expect a certain increase in private investment as firms benefit from rising demand, both at home and abroad.