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"GDP is now expected to return to its end-2019 level by the middle of this year. Even so, the economy is expected to operate with considerable spare capacity for some time to come. The unemployment rate remains higher than it has been for the past 2 decades and while it is expected to decline, the central scenario is for unemployment to be around 6 per cent at the end of this year and 5½ per cent at the end of 2022."
- Lower projections for the Bank's GDP forecast in '21 & '22, would attribute that to better feelings re: expected economic performance at the back end of '20.
- Unemployment projections were marked 0.5ppt lower at end '21 and end '22.