As for the outlook for economic activity after incorporating the effects of such monetary easing and those of the government’s efforts to invigorate the growth potential, the economy, which will be more or less flat for the time being, is expected to return to a moderate recovery path in due course.
Expressing this in numerical terms, the median of the Bank’s nine Policy Board members’ forecasts for the annualized growth rate is 1.5 percent, 1.6 percent, and 0.6 percent for fiscal 2012, 2013, and 2014, respectively (Chart 5).