Economic projections for fiscal 2001 made by the Bank of Japan's Policy Board members range from a contraction of 0.1 percent to a growth of 1 percent, all of which are below the government's 1.7 percent growth forecast.

Despite expectations that the global economic slowdown would bottom out during the first half of fiscal 2001, "it is likely that it will take time for the Japanese economy to exhibit a clear recovery," says a semiannual report released Thursday.

The report compiles the outlook and risk assessment of the central bank's nine Policy Board members.