In terms of the median of the Policy Board members’ forecasts, the real GDP growth rate is projected to be at –0.4 percent in fiscal 2011 due mainly to the effects of the earthquake disaster and the slowdown in overseas economies.
For fiscal 2012, the economy is expected to grow by 2.0 percent as the pace of recovery in overseas economies picks up, led by emerging and commodity-exporting economies, and reconstruction-related demand gradually materializes. The growth rate for fiscal 2013 is projected to be at 1.6 percent.