Economic Developments  Chart 7  Outlook for Economic Activity and Prices (as of January 2022) y/y % chg.  CPI  Real GDP FY2021  +2.7 to +2.9 [+2.8]  0.0 to +0.1 [0.0]  +3.0 to +3.6 [+3.4]  0.0 to +0.2 [0.0]  +3.3 to +4.1 [+3.8]  +1.0 to +1.2 [+1.1]  +2.7 to +3.0 [+2.9]  +0.8 to +1.0 [+0.9]  +1.0 to +1.4 [+1.1]  +1.0 to +1.3 [+1.1]  +1.2 to +1.4 [+1.3]  +0.9 to +1.2 [+1.0]  Forecasts made in Oct. 2021  FY2022 Forecasts made in Oct. 2021  FY2023  (all items less fresh food)  Forecasts made in Oct. 2021  Note: Figures in brackets indicate the medians of the Policy Board members' forecasts (point estimates).
Moreover, the positive impact on domestic production of the recovery of overseas economies is likely to continue for some time and have favorable effects on corporate profits and then on household income. By contrast, it is highly probable that housing investment will continue to decline slowly, and public investment is expected to follow a moderately downward trend for some time.