The estimated potential economic growth rate has been repeatedly revised downward and currently remains below 0.5 percent (Chart 2).
I judge that this decline reflects not only a  2  BIS central bankers’ speeches  deceleration in the growth of capital stock and the total factor productivity (TFP) but also a constraint on economic growth imposed by a labor shortage, which has become increasingly evident in the construction, restaurant, retail, transportation, and tourism sectors, notably among SMEs.