The growth rate was modest particularly for small enterprises and manufacturing industry; construction recorded an especially large slowdown. The fall in production and the uncertain  BIS Review 22/2009  5  cyclical outlook have depressed the demand for funds for fixed investment and working capital. Households’ demand for loans reflected the fall in housing market activity and purchases of durable goods.
The calls for protectionist action are, perhaps, a natural by-product of today's globalized economy. As the world economy has developed, domestic firms have found themselves having to adjust to global forces much more quickly than in the past. With the globalization of markets has come intense competition in many sectors. Without question, this globalized economy has brought tremendous benefits to our citizens.