Similarly, higher inflation in 2016 has affected current year expectations but not longer-term views. This shows that respondents have a reasonable sense of current or actual inflation, but do not let it fully define their views for the future. Still, there is little evidence that expectations are exclusively forward-looking. There are few if any examples of this in the real world.
This we hope to eventually translate to a reduction in poverty and improvement in the living standards of our people. I began these remarks by saying that a good strategy in playing a golf course for the first time is to know the “lay of the land”. But information about it is not sufficient to ensure that you win the game.