In my remarks today, I will provide you with the main findings of our analysis. Two key developments have shaped the macro-financial environment over the past six months. First, there has been some improvement in the growth and inflation outlook since late last year.
Macro-financial conditions have improved on the back of a robust post-pandemic recovery, fading global supply chain disruptions and lower energy prices. At the same time, the outlook remains fragile, given downside risks to growth and relatively sticky core inflation.