Japan Govt Expects 1.5 Pct Economic Growth in FY 2023

Tokyo, Dec. 22 (Jiji Press)--The Japanese government on Thursday adopted an official projection that the country's gross domestic product in fiscal 2023, starting next April, will grow 1.5 pct from the previous year in price-adjusted real terms.

In the economic outlook, endorsed at the day's round-robin-style cabinet meeting, the government revised up its GDP growth estimate from the 1.1 pct forecast in July this year, in anticipation that a comprehensive economic package compiled by the government to fight inflation would shore up the economy.

For the next fiscal year, the government predicts Japan's real GDP to hit a record high of 558 trillion yen, against the previous high of 554 trillion yen marked in fiscal 2018.

Private-sector economists, however, have adopted a more conservative projection, expecting a 1 pct growth in real GDP on average.

The government's newest economic outlook will be used to compile the government's tax revenue estimate in its fiscal 2023 budget proposal.

[Copyright The Jiji Press, Ltd.]