I will start off by discussing what is meant by the momentum of a self-sustained economic recovery, and then move on to the Bank’s assessment of the present force of the self-sustained recovery as compared to that in 1995, when the Bank lowered the official discount rate to 0.5 percent.
Lastly, I will use these points to examine the actual developments in demand and production, and assess the outlook for the economy. The strength of self-sustained recovery of the private sector can be considered as the strength of the cyclical force inherent in the private sector.