I’m not making a call about how long this is going to take, because you’ve talked about downside risks but it’s also the case that everyone’s really bad at forecasting. You know narratives take hold – lower for longer, slow growth – and then some positive surprises can happen.
The country has just recorded two consecutive quarters of growth, following up the 12.0 percent expansion registered in the second quarter of 2021 – the highest growth rate recorded since 1988 – with a 7.1 percent expansion in gross domestic product in the third quarter. Indeed, the third quarter growth surpassed expectations, leading to optimism for a more rapid return to pre-pandemic GDP levels.