Survey respondents reported continued tightening in lending conditions (Chart 1). This tightening was evident in both the price and non-price1 aspects of business lending (Chart 2). Note that the balance of opinion indicates only the amount of agreement among respondents about the direction of the change in conditions; it does not provide any information on the magnitude of the change.
Global economic activity appears to be nearing its trough, and there are increasing signs that activity has begun to expand in many countries in response to monetary and fiscal policy stimulus and measures to stabilize the global financial system.