A somewhat larger fall in inflation overall is required on this occasion than was the case in either 2001 or 1995, which were the comparable previous episodes, since the peak inflation rate this time is higher.
Our Presidency began under exceptional circumstances, at a time when the COVID-19 pandemic, a human tragedy of global proportions, had triggered an economic collapse that is unprecedented in recent history. Today the world is facing multiple challenges: not only that of protecting public health, but also of ensuring environmental sustainability, continuing to eradicate extreme poverty, maintaining trade openness and financial stability.