The same holds true for the lifting of pandemic-related restrictions: while weakening, the effect of pent-up demand is still driving up prices, especially in the services sector. The depreciation of the euro this year is also continuing to feed through to consumer prices. Wage growth is strengthening, supported by robust labour markets and some catch-up in wages to compensate workers for high inflation.
The investment of China in Pakistan as just one route of its corridor has now begun a string of partnerships that would further strengthen the bond between the two countries. Ladies and gentlemen, one of the outcomes of those efforts is the reason that we have gathered here.