World population continues to grow and is expected to peak at a level of almost 11 billion around the year 2100. Most of this growth will take place in low-income and lower middle-income countries.
Central banks have relied heavily on unconventional monetary policy tools, especially large-scale asset purchases, to respond to the pandemic. These programmes have helped to stabilize financial markets and kickstart economic recovery. But the central bank asset purchases have also contributed to an underpricing of risk and sharp increases in asset prices.