In terms of specific figures for the economic growth rate, as provided in the April 2019 Outlook for Economic Activity and Prices (Outlook Report) released by the Bank, the medians of the Policy Board members’ forecasts are 0.8 percent for fiscal 2019, 0.9 percent for fiscal 2020, and 1.2 percent for fiscal 2021. 1.
Under a specific methodology, Japan’s potential growth rate is estimated to be in the range of 0.5-1.0 percent recently. However, the estimate of the potential growth rate varies depending on the methodologies employed and could be revised as the sample period becomes longer over time. Thus, it should be regarded as being subject to a considerable margin of error. 2.