Japan Govt Projects 3.2 Pct Economic Growth for FY 2022

Economy

Tokyo, Dec. 23 (Jiji Press)--The Japanese government Thursday adopted an official projection of 3.2 pct growth in gross domestic product in price-adjusted real terms for fiscal 2022 from next April.

The government revised up its GDP growth estimate from the 2.2 pct forecast in July this year, factoring in a boost from large-scale stimulus measures to cushion the impact of the novel coronavirus pandemic.

The new economic outlook, adopted at an extraordinary cabinet meeting, will be used to calculate the government's tax revenue estimate in its fiscal 2022 budget proposal.

If the 3.2 pct GDP growth is realized, it will be the steepest rise since the 3.3 pct increase in fiscal 2010.

In fiscal 2022, Japan's real GDP is forecast to hit a record high of 556 trillion yen, against the previous high of 554 trillion yen marked in fiscal 2018.

[Copyright The Jiji Press, Ltd.]

Jiji Press