The Bank has been active on many fronts. The global economy and financial markets have been challenging for monetary policy, the Bank has an intensive programme of work in respect of prudential oversight and macro-prudential policy; and it also has more major operational projects underway than in recent years.
Nearly 10 years on from the start of the global financial crisis, global economic growth remains disappointingly weak in many regions. Global growth in 2015, at 3 percent, was the weakest since 2008 and well below its long-term average. This was despite unprecedented monetary stimulus and commodity prices that remain well below the levels two years previously. Unfortunately, 2016 has seen further downward revisions of growth forecasts by the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD). MORE.>