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Japan Slashes Economic Growth Forecast
Japan, which previously predicted its gross domestic product would expand 1.7% in the current fiscal year, now anticipates annual growth of only 0.9% growth.
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Japan, which previously predicted its gross domestic product would expand 1.7% in the current fiscal year, now anticipates annual growth of only 0.9% growth.
The government also expects inflation for the year ending March 31 to rise 0.4%, one-third its previous forecast. Reports say Prime Minister Shinzo Abe is developing a new economic stimulus package worth as much as 20 trillion yen ($192 billion).
Abe has struggled to sustain economic growth in Japan. Last month he said he will delay plans to raise the country’s sales tax to 10% from 8%. He also has been urging major employers to pay workers more to help stimulate consumer spending.
The Bank of Japan, which lowered its prime lending rate to -0.1% in January to stimulate lending, will meet later this month to ponder new steps measures to revive the economy.
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