Japan gov’t upgrades FY 2023 GDP growth forecast to 1.5%

The government upgraded Thursday its forecast for Japan’s economic growth in fiscal 2023 to a real 1.5 percent, projecting consumer spending will rise on higher pay packets.

The Cabinet approved the projected expansion in inflation-adjusted gross domestic product, which is up from a forecast of 1.1 percent made in July. Fiscal 2023’s overall GDP is expected to reach 558 trillion yen ($4.23 trillion), exceeding the record 554 trillion yen for fiscal 2018.

Nominal GDP is also projected to rise 2.1 percent from the previous fiscal year to reach a new high of 571 trillion yen. Private consumption,...