Japan raises GDP growth estimate for 2022

The revised forecasts were approved by Prime Minister Fumio Kishida’s cabinet yesterday.

TOKYO: Japan upgraded yesterday its growth projections for the next fiscal year starting in April, saying it expected gross domestic product (GDP) to hit a record even amid risks from the Omicron variant and supply constraints, cabinet office officials said.

The growth projection was raised to 3.2% for fiscal 2022 from a forecast 2.2% real GDP growth seen at a mid-year review in July, helped by a record extra stimulus budget approved by parliament this week.