But we did feel that there was no domestic reason why the economy should undergo anything more serious than a moderate slowing phase within the general context of continued expansion. Of course, we recognised that we were not immune to developments in the rest of the world.
Productivity growth I would now like to turn to a third issue that will shape the expansion: that is productivity growth. Earlier, I spoke about how the economic strategy during the early days of the pandemic was to build a bridge to the other side.