When inflation rises and stays high, investment decisions are distorted towards short11  term investments that carry with them short-term jobs. For this reason, low inflation is a sound developmental policy. It encourages firms across the private and public sector to make long-term investment decisions that imply productivity growth over time. This is critical, indeed a prerequisite, for sustainable jobs and income growth.
Consumption based on rising debt levels cannot be a sustainable growth and development strategy. Having faced the unique threat of the COVID-19 crisis, we confronted that challenge with relatively low stable inflation and policy rate space.