Economic and Price Developments during the COVID-19 Era and Their Outlook  The Bank's Forecasts for Economic Activity and Prices (October 2020 Outlook Report) y/y % chg.  Fiscal 2020 Forecasts made in July 2020  Fiscal 2021 Forecasts made in July 2020  Fiscal 2022 Forecasts made in July 2020  Real GDP  CPI (all items less fresh food)  -5.6 to -5.3 [-5.5] -5.7 to -4.5 [-4.7]  -0.7 to -0.5 [-0.6] -0.6 to -0.4 [-0.5]  +3.0 to +3.8 [+3.6] +3.0 to +4.0 [+3.3]  +0.2 to +0.6 [+0.4] +0.2 to +0.5 [+0.3]  +1.5 to +1.8 [+1.6] +1.3 to +1.6 [+1.5]  +0.4 to +0.7 [+0.7] +0.5 to +0.8 [+0.7]  Notes: 1.
This isn’t easy, and time is of the essence because the drag on our recovery is palpable. We need the incentives that permit us to reengineer this sector of the market and build a business model that actually works.