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Credit growth expands the money supply and stimulates economic growth so long as that expansion is ever increasing (park what that means practically). This mechanism of credit growth linked to some asset has been the largest driver of economic growth in the western world for decades. For the UK, where I live, the growth in household debt / gdp has been steadily increasing since the late 80s and I'd be surprised if its much different for other developed nations https://www.theglobaleconomy.com/United-Kingdom/household_de...

Countries that have come to rely upon their property markets for economic/political ends are likely going to come up with ever more elaborate schemes to maintain the above mechanism (UK, Australia, Canada and Denmark spring to mind). Indeed the unhealthy focus on the property market in the UK is a sign of the disconnect between real economic activity and asset inflation. Rationally this is an absurd mechanism for economic growth as it causes large divisions within society but its difficult to see these countries reverse course and what is more likely to happen is growth in private debt levels will level off and overall economic growth will stagnate similar to what Japan has experienced now for 3 (going on 4) decades.