On the telegram channel The Buy Side, I came across a list of key rates of central banks (Central bank rates) of 30 countries in comparison with annual inflation (CPI). The column of the real rate (Real central bank rate, key rate minus inflation), as well as the last change (Last more) and its date are displayed separately.
Most Central Bank rates are lower than inflation, i.e. the real rate is negative. With the exception of Turkey, none of the countries raised the rate during the pandemic crisis.
I doubt the direct relationship between the real key rate and GDP dynamics. The theory considers that a low rate (soft monetary policy) is a stimulating tool for economic growth. However, it is enough to mention China, where the real rate is positive, in contrast to most countries and, in contrast to most, positive GDP dynamics.
A lot of cheap money once pushes inflation, nothing original, and we are now seeing this, for example, on the global commodity market. The rise in inflation creates pressure on credit and key companies, incl. rates. Are we waiting for the trend of a worldwide increase in rates? I think we will not wait long.