Japanese government considers lifting economic growth forecast for 2020

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

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

Japan has lagged behind other economies in pulling out of the crisis caused by the pandemic, forcing policymakers to maintain major monetary and financial support even as countries Other advanced back to the crisis mode policy.

The world’s third-largest economy contracted more than expected in the third quarter due to the effects of consumption and exports due to pandemic restrictions and global supply disruptions.

Japan’s three massive spending packages to combat the pandemic have left the country with a long-term debt outstanding nearly twice the size of its $5 trillion economy.

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

https://whbl.com/2021/12/05/japan-government-considering-lifting-fy2022-economic-growth-forecast-nhk/ Japanese government considers lifting economic growth forecast for 2020


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