Real interest rates are expected to remain low, reflecting the weakness of the recovery in advanced economies (and possibly some downgrading of longer-term growth prospects as well). This weakness, all else being equal, dictates that monetary policy must remain accommodative if it is to support the recovery and reduce disinflationary risks.
Although the effects of the crisis nowadays are difficult to predict because there is still uncertainty about many aspects of the pandemic, including its duration and its spread, where macroeconomic forecasts are currently being adapted in all countries, with new results suggesting in most cases that the economy will decline.