They have also confronted policymakers with difficult choices. Today, I want to outline how monetary policy has responded, and share with you the main uncertainties and debates we are grappling with today. I will start with the changing external environment. In 2020, the COVID-19 shock prompted an unprecedented drop in economic activity worldwide.
The low level of investment in the manufacturing sector is particularly noteworthy, as manufacturing has historically accounted for around one-fifth of total nonmining investment. The third factor that I would like to discuss is the general lack of confidence by business.