Recent Developments in Demand and Labor __________________________________________________ 20
2. Price and Exchange Rate Developments _______________________________________________________ 21
3. Monetary Policy Developments _______________________________________________________________ 22
4. Fiscal Policy Developments and Outlook ______________________________________________________ 23
5. External Sector Developments and Outlook ___________________________________________________ 24
6. Banking Sector Developments _________________________________________________________________ 25
7. Financial Sector Developments ________________________________________________________________ 26
8. Private Sector Deleveraging ___________________________________________________________________