Japan’s government slashed the current fiscal 2021 real GDP growth forecast from 3.7%, down from 2.6% as estimated in July. However, for fiscal 2022 starting April, real GDP growth forecast was upgraded from 2.2% to 3.2%. That would be the fastest growth rate since fiscal 2020 with GDP hitting a record JPY 556.8T.
“The economy has shown signs of picking up, so we must ensure the current positive momentum moves to sustainable economic recovery,” a Cabinet Office official told reporters. “We have not yet reached autonomous growth but we’re making steady progress to generate a virtuous cycle of growth and wealth distribution.”
