Japan government considering lifting FY2022 economic growth forecast NHK

07-Dec-2021 Intellasia | Reuters | 5:02 AM Print This Post

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 percent 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 percent for real GDP from this fiscal year to next, NHK said.

Japan 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.

https://sg.finance.yahoo.com/news/japan-government-considering-lifting-fy2022-233651161.html

 

Category: Japan

Print This Post

Comments are closed.