During summer 2022, a seventh wave of COVID-19 swept across Japan, and the number of confirmed new cases surpassed the previous peak (Chart 1). However, as the resumption of economic activity progressed while public health was being protected, people refrained from going out less than in past waves, due in part to the absence of pandemic-related restrictions during the seventh wave. Likewise, in overseas economies, the spread of COVID-19 cannot be said to have subsided, although it has been contained. Unless a highly virulent variant emerges, the economic impact of COVID-19 will likely become less significant even if ... (full story)