Inflation has remained below central banks’ targets. The IMF projects inflation in advanced economies at 0.3 per cent in 2020, from 1.4 per cent in 2019. For emerging market and developing economies, inflation is forecast at 4.4 per cent, from 5.1 per cent in 2019. 17. Both fiscal and monetary policy measures will continue to accompany the global economic recovery process.
In its June 2020 W EO Update, the IMF has assumed that major central banks will maintain an accommodative monetary policy stance up to the end of 2021. Domestic economic developments 18. I will now turn to domestic developments. 19. The Mauritian economy is already being buffeted by the pandemic. Moreover, household consumption and private investment are expected to remain subdued in 2020. 20.