Therefore, although the economy will be affected by the front-loaded increase and subsequent decline in demand prior to and after the consumption tax hike, the recovery will not stall, and the economy is likely to continue growing at a pace above its potential as a trend.
DEVELOPMENT COMMITTEE (Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries)  ONE HUNDREDTH MEETING WASHINGTON, DC – OCTOBER 19, 2019  DC/S/2019-0060 October 19, 2019  Statement by Ignazio Visco Governor of the Bank of Italy Constituency of Albania, Greece, Italy, Malta, Portugal, San Marino and Timor-Leste  Statement by Ignazio Visco Governor of the Bank of Italy Constituency of Albania, Greece, Italy, Malta, Portugal, San Marino and Timor-Leste 100th Meeting of the Development Committee October 19, 2019 Washington, DC The global business cycle remains very weak.