There are two factors. First, we went through a period of slow growth, starting in 2008. In that period, there was quite a wide output gap, particularly in the labour market. That is what explains the long period of stagnation.
As well, the price of oil fell. That is the second factor. Just when the economy was growing strongly, we received that second shock, which required a major adjustment to the economy. That is a long process. Specifically, it represents an annual loss of income of $60 billion for the country. An impact like that does not just affect the people in the sectors that are directly involved. It affects almost the entire economy.
For those two reasons, there were downward pressures on the inflation rate and also on wages. We are expecting that the output gap will close again in the first half of next year and that wages will eventually see a little more growth. That is a sign of progress. At the moment, it is clear that growth has not really taken hold. It’s a little uneven. The foundation is not solid. According to our forecasts, however, it will become stronger and more stable.