This view on the natural rate is also shared more broadly, as reflected in the most recent IMF world economic outlook and in the Fed's recent update of the HolstonLaubach-Williams estimate of r*. This measure suggests its level for advanced economies would hover around 1% or somewhat below currently.
*** While abrupt reversals of the secular drivers of r* are unlikely, the economies have nonetheless been undergoing several important shifts. One of these concerns productivity growth. 2/4  BIS - Central bankers' speeches  Discussion on a potential reversal of the productivity slowdown emerged at the onset of the COVID-19 crisis when hopes surfaced that firms would increase digitalization and thus boost productivity.