We still can't be certain how the pandemic will evolve and how people will respond to further outbreaks. There are also major geopolitical uncertainties at present and our major trading partner, China, is going through a difficult adjustment in its property market. Domestically, one issue that we will be watching closely is how households use all the savings accumulated over the past two years.
On the inflation and wages fronts there are also a range of significant uncertainties. These partly stem from the uniqueness of the period in which we are living. Over the past two years there has been very strong demand for goods globally just at the time that the ability of the economic system to produce and distribute goods was impaired.