13  Economic Activity, Prices, and Monetary Policy in Japan Speech at a Meeting with Business Leaders in Fukui (via webcast) October 21, 2020 SAKURAI Makoto Member of the Policy Board Bank of Japan  Chart 1  Global Economy IMF growth projections (as of October 2020)  World trade volume  real GDP growth rate, y/y % chg., % points 2018 2019 World  3.5  2.8  2.2  1.7  United States  3.0  2.2  Euro area  1.8  1.3  Japan  0.3  0.7  4.5  3.7  China  6.8  6.1  ASEAN 5  5.3  4.9  Advanced economies  Emerging market and developing economies  2020  2021  projection  projection  ‐4.4 （+0.8） ‐5.8 (+2.3) ‐4.3 (+3.7) ‐8.3 (+1.9) ‐5.3 （+0.5） ‐3.3 （‐0.2） 1.9 （+0.9） ‐3.4 （‐1.4）  5.2 （‐0.2） 3.9 （‐0.9） 3.1 （‐1.4） 5.2 （‐0.8） 2.3 （‐0.1） 6.0 （+0.2） 8.2 (0.0) 6.2 (0.0)  10  y/y % chg.  5 0 Emerging economies ‐5  Advanced economies World  ‐10 ‐15 ‐20 CY 20 12  13  14  15  Notes: 1.
In the left‐hand chart, figures in parentheses are the difference from the June 2020 projections. 2. In the right‐hand chart, figures are those for real imports. The figure for 2020/Q3 is that for July. Sources: IMF; CPB Netherlands Bureau for Economic Policy Analysis, etc.