It is true that real growth in the current fiscal year will be lower than was initially projected, but that does not mean that the economy is in recession – which entails a contraction of output. There is a slowdown in economic growth but this should prove to be only temporary.
I started in the early 1980s. Then the concept of the central bank was to be a kind of black box where there was little communication with the market. We only published data on reserves three times a year, for instance. There was a view that the markets didn’t know how to administer the information.