Japan increases economic forecast by 4% next year

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Japan increases its economic forecast for next year grow 4% after the government issued stimulus measures

The Japanese government raised its forecast for economic growth in fiscal year 2021, expecting stimulus measures to mitigate the effects of COVID-19. Which the government announced this latest Will help support the economy to return to expansion to pre-epidemic levels

The Japanese Cabinet Office has raised its fiscal year 2021 economic forecast to 4%, the highest from the 3.4% previously forecast in July. This figure is better than the Organization for Economic Cooperation and Development (OECD) and the International Monetary Fund (IMF) predicted. The Japanese economy will expand only 2.3% in 2021.

Japanese government officials said. The 73.6 trillion yen ($ 7.10 billion) stimulus in public spending, which Prime Minister Yoshihide Suga approved last week. Will help various sectors Affected by COVID-19 It will also help support the economy. And stimulate demand in the private sector, such as capital expenditures in the next fiscal year

In the fiscal year 2020, the Cabinet Office expects that The Japanese economy will shrink 5.2 percent, the worst contraction on record. And down again from the forecast in July that it will shrink 4.5%.

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