Thus, in mid-2008 when the global financial and economic crisis set in, the domestic financial system was already engulfed by several interdependent factors that led to the re-emergence of an extremely fragile financial system similar to pre-consolidation era.
The average wage settlement rate in the first half of 2011 amounted to 7.5 per cent, compared to 8.2 per cent in 2010. Nominal unit labour costs decelerated from 10.7 per cent in the second quarter of 2010 to 5.3 per cent in the first quarter of 2011, despite a marked decline in productivity.