the member presented the view that, since gdp for this year would be only 3% higher than its pre-covid-19 level recorded in 2019 and private consumption was likely to return to its pre-covid-19 level in the second half of next year at the earliest, it would be necessary to wait a little longer to see whether gdp growth led primarily by exports and the manufacturing sector would lead to expansions in household income, wages, employment and consumption.