UK Markets open in 4 hrs 37 mins
  • NIKKEI 225

    27,377.44
    -395.46 (-1.42%)
     
  • HANG SENG

    24,837.30
    -115.05 (-0.46%)
     
  • CRUDE OIL

    86.29
    -0.61 (-0.70%)
     
  • GOLD FUTURES

    1,841.90
    -0.70 (-0.04%)
     
  • DOW

    34,715.39
    -313.21 (-0.89%)
     
  • BTC-GBP

    29,113.59
    -1,903.71 (-6.14%)
     
  • CMC Crypto 200

    930.33
    -64.93 (-6.52%)
     
  • Nasdaq

    14,154.02
    -186.28 (-1.30%)
     
  • ^FTAS

    4,274.52
    +0.73 (+0.02%)
     

Japan government considering lifting FY2022 economic growth forecast -NHK

·1-min read
Japanese national flags flutter in front of buildings at Tokyo's business district

TOKYO (Reuters) - The Japanese government is considering raising its economic growth forecast for fiscal 2022 to take into account the effects of its record $490 billion stimulus package, public broadcaster NHK reported on Monday.

In a mid-year review in July, the government projected real gross domestic product (GDP) growth of about 2.2% for the fiscal year starting in April 2022. With the spending package aimed at helping businesses and households weather the pain of the COVID-19 pandemic, it now estimates a tailwind of about 5.6% for real GDP from this fiscal year to next, NHK said.

Japan has lagged other economies in pulling out of the pandemic-induced slump, forcing policymakers to maintain massive fiscal and monetary support even as other advanced nations dial back crisis-mode policies.

The world's third-largest economy shrank more than expected in the third quarter due to a hit to consumption and exports from pandemic curbs and global supply disruptions.

Japan's three massive spending packages to counter the pandemic have left it with outstanding long-term debt roughly double the size of its $5 trillion economy.

(Reporting by Chang-Ran Kim; editing by Richard Pullin)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting