Mumbai (PTI): Reserve Bank governor Shaktikanta Das on Friday said despite the multiple shocks to the global economy from the pandemic, the Ukraine war and synchronised monetary policy tightening across the world, the domestic economy and financial sector are stable and the worst of inflation is behind us.

He also said the rupee has exhibited the least volatility among its peer currencies despite the massive appreciation of the greenback.

Delivering the 17th KP Hormis (Federal Bank founder) commemorative lecture in Kochi this evening, Das underlined that despite the overwhelming concerns a few months back about an imminent global recession, the global economy has shown greater resilience, reducing the probability of a hard landing.

The governor said there is a declining trend in global growth. There is also considerable uncertainty about structural shifts taking place in the drivers of inflation, ranging from labour market dynamics to the concentration of market power and less efficient supply chains.