In the July Outlook Report, the growth rates of Japan’s economy are projected to be significantly negative, in the range of minus 5.7 to minus 4.5 percent for fiscal 2020, but enter the ranges of 3.0 to 4.0 percent for fiscal 2021 and 1.3 to 1.6 percent for fiscal 2022.
The inflation rate is likely to be negative for the time being, mainly affected by COVID-19 and crude oil prices. Thereafter, with the economy improving, it is expected to turn positive and then increase gradually.