Japan Govt Expects 2.2 Pct GDP Growth for FY 2022

Economy

Tokyo, July 6 (Jiji Press)--Japan's fiscal 2022 gross domestic product growth is estimated at 2.2 pct in price-adjusted real terms, the Cabinet Office said Tuesday.

The country's output is seen hitting a record high as the novel coronavirus epidemic is expected to be brought under control owing to the spread of COVID-19 vaccinations, according to the estimate, presented at a meeting of the government's Council on Economic and Fiscal Policy.

For fiscal 2021 through March 2022, the Cabinet Office projects the country's real GDP growth at 3.7 pct, down from the government's forecast of 4 pct as of January this year.

The downward revision came after the real GDP shrank 4.6 pct in fiscal 2020, better than the January projection of a 5.2 pct decline.

If Japan achieves 3.7 pct growth in fiscal 2021, it will be the sharpest rise since fiscal 1990, when the country's GDP grew 5.6 pct at the height of an asset bubble-driven economic boom.

[Copyright The Jiji Press, Ltd.]

Jiji Press