Japan recently cut its forecast for its economic growth in fiscal 2022-23 by 0.2 percentage point to 1.3 per cent in inflation-adjusted real terms, the cabinet office said. For fiscal 2023-24, the government expects real gross domestic product to rise by 1.2 per cent in the belief that economic growth will be moderate amid higher prices.The country's exports in fiscal 2021-22, which ended last March, were lower than the government's estimate due to the resurgence of COVID-19 in China.
The consumer price index (CPI) is projected to rise 2.6 per cent in fiscal 2022-23 against a 1.7 per cent increase estimated earlier, a news agency reported.
Japan recently cut its forecast for its economic growth in FY23 by 0.2 percentage point to 1.3 per cent in inflation-adjusted real terms.
The government expects real gross domestic product to rise by 1.2 per cent in fiscal 2023-24.
The country's exports in fiscal 2021-22 were lower than the government's estimate due to the resurgence of COVID-19 in China.
The CPI growth is estimated at 1.9 per cent for fiscal 2023-24.
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