Japan updates its fiscal 2021 growth forecast downwards

The Japanese government has revised down its economic growth forecast for the current fiscal year.

After the Economic and Fiscal Policy Council meeting, the Cabinet Office announced that the growth expectation announced in January was lowered by 0.3 points.

Accordingly, a 3.7 percent growth in Japan’s gross national product is expected in the 2021 fiscal year, which will end in March 2022.

Prime Minister Suga Yoshihide stated that he believes the growth rate will exceed the level before the Kovid-19 outbreak.

Suga noted that domestic vaccination rates against Kovid-19 will accelerate the economy’s return to normalcy.

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