Japan, the world’s third-biggest economy, is now expected to expand about 2.0% in price-adjusted real terms in the fiscal year ending in March 2023
Japan’s government slashed its economic growth forecast for this fiscal year largely due to slowing overseas demand, highlighting the impact of Russia’s war in Ukraine, China’s strict COVID-19 lockdowns and a weakening global economy.
The world’s third-biggest economy is now expected to expand about 2.0% in price-adjusted real terms in the fiscal year ending in March 2023, according to the Cabinet Office’s projections, presented at the Council on Economic and Fiscal Policy – the government’s top economic panel. The government forecast overseas demand to subtract real gross domestic product by 0.3 percentage point for the current fiscal year, compared to an expected 0.2 percentage point boost seen previously.
Wholesale inflation was estimated at 9.8% for this fiscal year, much higher than 2.0% projected in January, as higher oil and food prices and a weaker yen pushed up raw material cost.
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