The Japanese government is expected to cut estimates for economic growth for the fiscal year 2022 to around 2 percent, sharply down from a forecast of 3.2 percent in January, according to Japan’s Nikkei newspaper.
The estimates come after the Bank of Japan’s quarterly survey released yesterday cut its estimate for growth in the year to March 2023 to 2.4%, from 2.9% three months ago.
The downgrade largely reflects weakness in private consumption, as a fresh rise in cases overshadows the outlook.
Rising uncertainty about the global economy, attributed to Russia’s war in Ukraine and lockdowns in China, also overshadowed prospects for a strong sustained recovery in Japan’s economy.
Source: Capital
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