And it is still not too late to say, "Happy new year!" As we release the 2022 Financial Stability Report, I am pleased to note that the economy has demonstrated its resilience despite a year of challenges and global turmoil. Over the past few months, we have returned to some form of normalcy.
Of course, the "new normal" is quite different from the "old normal," but it is still normal: businesses are opening; the malls are full again that parking has become a challenge; students are trooping back to schools; consumers are spending more; and tourist arrivals are increasing. What we have today, some of it is called "pent-up demand" or "revenge spending."