This suggests that economic improvement from the plunge for the April-June quarter of 2020 has come to a pause. Chart 5 shows the outlook for Japan’s economy.
As presented in the July 2021 Outlook for Economic Activity and Prices (Outlook Report), the medians of the Bank of Japan Policy Board members’ forecasts for real GDP growth rates are 3.8 percent for fiscal 2021, 2.7 percent for fiscal 2022, and 1.3 percent for fiscal 2023.