As a consequence, a negative output gap has opened up. Actual output is lower than potential mainly because of constraints on the demand side, which include constraints arising from macroeconomy policy and those emanating from the weaknesses in the global economy.
But uncertainty remains high, with regard to the health picture and the economic picture alike. Despite the availability of vaccines, the health situation is worsening again, and the pandemic is once again curtailing economic activity. Further uncertainty relates to the normalisation of our policies, which we will have to embark on in the months ahead.