The IMF's projections for the growth rates for 2020 also show variations across countries; while the global growth rate has been revised upward, the rates for mainly emerging economies have been revised downward. There is concern that COVID-19 has been spreading again in Europe and the United States recently. Under these circumstances, Japan's exports have increased recently.
As for the outlook, they are expected to continue increasing for the time being, mainly for automobile-related goods. Thereafter, although there are high uncertainties, exports are likely to do so for a wide range of goods, including capital goods, with the impact of COVID-19 waning globally. Second is developments in domestic demand.