In the following, I will touch on the outlook for economic activity and prices. II. Outlook for economic activity and prices  Outlook for economic activity Looking ahead, Japan’s economy is expected to continue its recovery trend with a virtuous cycle from income to spending maintained in both the household and corporate sectors and with a favorable environment of inexpensive crude oil prices.
Indeed, as indicated in the exhibit, both the Federal Reserve staff projection and the CBO projection for the growth of the labor force through 2015 are lower than the  2  BIS Review 19/2007  growth of the population expected in that period by the Census Bureau.