The MPC discussed the global economic context and the performance of the domestic 4/5  BIS central bankers' speeches  economy. 58. The domestic economy is still facing the disruptive effects of the COVID-19 pandemic. The contraction in major trading partners’ output would result in weaker demand for our exports. 59.
Consequently, Bank staff has revised its projection for real GDP growth for 2020, from –12.5 per cent to –13.0 per cent. For 2021, real GDP is projected to grow at about 7.5 per cent. 60. Domestic inflation continues to remain low and stable, as demand-side and supply-side pressures remain at bay.