At that point, the makings of a sophisticated economy based on longer-term commitments are in place. It will be an economy that saves and invests -- that is, commits to the future -- and, hence, one that will grow.
This is a stark contrast from 2018 when inflation was pushed beyond the target range to average at 5.2 percent. Looking ahead, we expect inflation to remain on a target-consistent path for 2019 and 2020. BSP’s latest baseline forecasts indicate that inflation is projected to average 2.6 percent this year and 2.9 percent next year and 2021.