In the first quarter of the year, our gross domestic product grew by a stunning 8.3 percent— surpassing most projections. This growth serves as a good start, keeping us on track of achieving our 7.0 to 9.0 percent growth target for 2022. Last year, gross domestic product grew by 5.7 percent, recovering most of the losses from the record 9.6-percent contraction in 2020.
In fact, we have conducted in-depth analyses of hotly debated issues in monetary policy, including the impact of large-scale government bond purchases on long-term interest rates, the mechanisms of inflation expectation formation, and the effects and impact of the negative interest rate policy.