Financial and Monetary Systems

Interest rates likely to return towards pre-pandemic levels when inflation is tamed

Apr 13, 2023

Since the 1980s, real interest rates across most advanced economies have been steadily declining.

Since the 1980s, real interest rates across most advanced economies have been steadily declining. Image: Unsplash/Engin Akyurt

Jean-Marc Natal

Deputy Chief in the World Economic Studies Division, IMF’s Research Department

Philip Barrett

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Financial and Monetary Systems

Historically declining interest rates in advanced and emerging economies

Interest rates have been in steady decline in advanced and emerging economies. Image: IMF

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The historical drivers of natural interest rates

The historical drivers of natural interest rates. Image: IMF

Various possible outlooks for interest rates in the future

Various possible outlooks for interest rates in the future. Image: IMF

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