SINGAPORE (ICIS)--Japan's government on Friday raised its economic growth forecast for the next fiscal year - starting April 2021 - on a price-adjusted real terms to 4.0% from 3.4% previously, supported by its latest coronavirus stimulus package.
For the current fiscal year ending March 2021, the world’s third-biggest economy is projected to shrink at a steeper rate of 5.2% from the previous forecast of 4.5%, according to Japan’s Cabinet Office.
Japanese Prime Minister Yoshihide Suga last week announced a fresh stimulus package worth yen (Y) 73.6tr ($712bn).
"The economy is expected to show movements of picking up, supported by the effects of the policies and improvement in overseas economies while the socio-economic activities will be resumed with taking measures to prevent the spread of infectious diseases," the Cabinet Office said.
($1 = Y103.4)
Photo: Cars wait to be exported at Yokohama port, near Tokyo, Japan on 29 September 2020. (Photo by Koji Sasahara/AP/Shutterstock)
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