Despite extremely high uncertainties, domestic and overseas economies are likely to improve gradually from the second half of this year. However, the pace of improvement is expected to be only moderate, since preventive measures will constrain economic activity while vigilance against COVID-19 continues.
In the July Outlook Report, the growth rates of Japan’s economy are projected to be significantly negative, in the range of minus 5.7 to minus 4.5 percent for fiscal 2020, but enter the ranges of 3.0 to 4.0 percent for fiscal 2021 and 1.3 to 1.6 percent for fiscal 2022.