In light of these factors, the Bank's Policy Board members' baseline scenario presented in the January 2022 Outlook for Economic Activity and Prices (Outlook Report) forecasts a real GDP growth rate of 2.8 percent for FY2021, 3.8 percent for FY2022, and 1.1 percent for FY2023 (Chart 7).
The forecasts of the majority of Policy Board members for FY2022 range by 0.8 percentage points (3.3 percent to 4.1 percent) -- the largest gap since the forecasts for FY2021 (3.6 percent to 4.4 percent) presented in the April 2021 Outlook Report -- suggesting that the forecasts for the GDP growth rate for FY2022 vary among the Board members.