BANCA D’ITALIA  The Governor’s Concluding Remarks Annual Report 2020  25  FIGURES  Figure 1  GDP growth forecasts (2019=100)  130  130 Emerging economies: October 2019 forecasts  125  125 120  120 115  Emerging economies: April 2021 forecasts  110  110  Advanced economies: October 2019 forecasts  105  105 100 95  115  100  Advanced economies: April 2021 forecasts  2019  2020  2021  2022  2023  2024  95  Source: International Monetary Fund.
The output gap can be divided into labor input gap and capital input gap on the basis of resource utilization – just as with the Tankan composite indicator (Chart 6). If the labor input gap is positive, actual labor input exceeds average labor input, which indicates a labor shortage; if the labor input gap is negative, the converse is true.