For example, in June, the International Monetary Fund downgraded its global growth forecast by almost two percentage points just two months after publishing its April World Economic Outlook. The IMF now projects global growth at –4.9 percent for 2020 and it is now predicting a more gradual recovery than originally thought.
Measures of underlying inflation, however, have remained low and are expected to rise only gradually over the medium term, supported by our monetary policy measures, the expected continuing economic recovery and the corresponding gradual absorption of slack.