The IMF predicts borrowing costs will fall back once high inflation is brought under control.
Interest rates in major economies are expected to fall to pre-pandemic levels because of low productivity and ageing populations, according to a forecast.
The Bank of England has been raising interest rates since December 2021, taking them from 0.1% to 4.25%.Central banks in the UK, the US, Europe and other nations have been lifting interest rates to combat the rate of price rises, otherwise known as inflation. The Washington-based financial institution said low productivity as well as ageing populations will act as an anchor to inflation.
"The amount that you spend relative to your income is highest when you're in your 20s, 30s and 40s - often that's maybe young families, when you've got households forming, you've got couples coming together, they tend to spend the most when they decorate and buy a car or whatever, and you as you get older in life you slow down your consumption," he said.
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