Japan Govt Forecasts 1.4 Pct Economic Growth for FY 2020

Politics

Tokyo, Dec. 18 (Jiji Press)--Japan's cabinet at an extraordinary meeting on Wednesday approved the government's estimate of 1.4 pct year-on-year real growth in the country's gross domestic product for fiscal 2020, which starts next April.

The government aims to prevent economic deceleration by implementing a recently compiled stimulus package, including public works projects, amid concerns that slowing growth in overseas economies reflecting U.S.-China trade friction and other factors could affect private consumption and corporate capital spending in Japan.

The government's economic outlook will serve as a basis for estimating tax revenue in the work to compile its fiscal 2020 budget.

The Bank of Japan and many private-sector economists estimate real GDP growth for the year at less than one pct.

The government revised up its projection from the 1.2 pct in July, expecting that the economic package will more than offset negative impacts from sluggish external demand.

[Copyright The Jiji Press, Ltd.]

Jiji Press