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Japan govt is considering lifting FY2022 economic growth forecast

The Japanese government is considering raising its economic growth forecast for fiscal 2022 to take into account the effects of its record $490 billion stimulus package

Topics
Japan | Yoshihide Suga

Reuters  |  TOKYO 



Photo: Reuters
Photo: Reuters

TOKYO (Reuters) - The Japanese government is considering raising its economic growth forecast for fiscal 2022 to take into account the effects of its record $490 billion stimulus package, public broadcaster NHK reported on Monday.

In a mid-year review in July, the government projected real gross domestic product (GDP) growth of about 2.2% for the fiscal year starting in April 2022. With the spending package aimed at helping businesses and households weather the pain of the COVID-19 pandemic, it now estimates a tailwind of about 5.6% for real GDP from this fiscal year to next, NHK said.

has lagged other economies in pulling out of the pandemic-induced slump, forcing policymakers to maintain massive fiscal and monetary support even as other advanced nations dial back crisis-mode policies.

The world's third-largest economy shrank more than expected in the third quarter due to a hit to consumption and exports from pandemic curbs and global supply disruptions.

Japan's three massive spending packages to counter the pandemic have left it with outstanding long-term debt roughly double the size of its $5 trillion economy.

 

(Reporting by Chang-Ran Kim; editing by Richard Pullin)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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First Published: Mon, December 06 2021. 07:20 IST

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