We are called upon to decide how to find ways to harness the benefits from global capital flows, so as to avoid slipping back into protectionism and financial retrenchment, with potentially detrimental effects on global recovery.
[2] We took last week’s decision, and expect to raise interest rates further, because inflation remains far too high and is likely to stay above our target for an extended period. The new staff projections foresee inflation to average 8.1 per cent in 2022, 5.5 per cent in 2023 and 2.3 per cent in 2024.