inflation stood at 7. 7 per cent in the us, 10. 6 per cent in the euro area and 11. 1 per cent in the uk. in emerging economies, inflation continues to surge. for instance, in turkey, it has reached 85. 5 % and in nigeria it reached 21. 09 %, in argentina it reached 88 % and in ghana it stood at 40. 4 % in october 2022. 1 / 6 bis - central bankers'speeches central banks across both advanced and emerging economies became aggressive in tightening their monetary policy to prevent high inflation from becoming more entrenched and anchor inflation expectations over the medium term. the us fed, the ecb and the boe are all expected to raise their policy rates at their forthcoming meetings today and tomorrow. on the positive side, global commodity price pressures are moderating. this may augur well for medium - term global inflation. brent crude oil prices averaged $ 91 per barrel in november 2022 compared to $ 94 per barrel in the previous month. the food and agriculture organisation ( fao ) food price index was down for the eighth successive month in november 2022. similarly, the baltic dry index which measures the cost of shipping goods worldwide has been on a declining trend over pretty much of the second half of the year, barring a brief uptick in september. domestic economic developments while economies across the world are experiencing deceleration in their economic activities, the mauritian economy continues to recover. the domestic economic recovery has progressed well, supported by greater dynamism across key sectors of the economy. the services sector strengthened further in 2022q2, underpinned by the buoyancy in tourism, with positive spill over effects to other areas of the economy. tourist arrivals reached 755, 655 during the period january to october 2022. this week, the mtpa announced that mauritius welcomed 870, 000 tourists from january to end of november. bookings for the tourism sector show that tourist arrivals are expected to gather further momentum due to the high season. the target of one million tourists set by the authorities remains attainable. gross tourism earnings amounted to rs 6. 7 billion ( usd150 million ) in october 2022 compared to rs5. 4 billion ( usd149 million ) in october 2019. since the start of the year, gross tourism earnings amounted to rs48. 3 billion ( usd1, 090 million ) compared to rs50. 5 billion ( usd1, 436 million )

its redistributive role. we need bold policies to reverse inequality. planning ahead 23. so what are we to do? we certainly can ’ t ignore these threats which are already upon us. how best to wage war against poverty and inequality? as i cast about for possible answers, i am reminded of us president eisenhower, who was a much - decorated us general and who knew a thing or two about wars. he declared : in preparing for battle i have always found that plans are useless, but planning indispensable. 10 http : / / www. savings - banks. com / / sitecollectiondocuments / perspectives % 2052. pdf – downloaded on 31 october 2014. http : / / sustainabledevelopment. un. org / content / documents / 4074durable. pdf. dwight d eisenhower, us general and us president, 1953 – 1961. bis central bankers ’ speeches 24. i agree with ike that we must have a battle plan. we must put our minds to the task of planning for both resilience and inclusive and sustainable growth, and audit the results on the triple bottom line. i can only reiterate my forlorn call for a strong and well - resourced strategic planning capacity at the heart of the policy - making establishment. for me there are seven essentials. first, become a learning country, not just adapting to change, but anticipating it, and thriving on it ; second, harness knowledge transfer, learning, and investment whether foreign or domestic, to increase our productive potential ; third, ensure life cycle education for all, as we adapt and re - adapt to a rapidly - changing environment ; fourth, transform our universities into centres for r & d and innovation, and put undergraduate teaching online ; fifth, attract and retain our best talents offering international rates for the job, for them and for our migrant diaspora ; sixth, build a strong targeted social safety net, with business incubators, incentives for startups and skills development ; seventh, shift the employer of last resort from the public to the private sector, and harness technology for your business and for national welfare. 25. christine lagarde at the imf has called for more targeted subsidies and welfare schemes, with the savings put into education, training and improved infrastructure. there is one thing that we definitely must not do : and that is to increase the fiscal burden. we must obviously redouble efforts to extract greater efficiency from all public expenditure, whether rec