Since governments and central banks around the world have responded swiftly and at a large scale to this economic shock, the global economy fortunately hit bottom and has picked up since the second half of 2020. In the meantime, positive developments have been seen, such as vaccinations starting globally. However, COVID-19 continues to have an impact on the global economy.
In this situation, at the Monetary Policy Meeting (MPM) held at the end of April, the Bank of Japan updated its projections for Japan's economic activity and prices through fiscal 2023 and released them in the April 2021 Outlook for Economic Activity and Prices (Outlook Report).