Japanese economic growth to shrink as inflation to beat the central bank's 2% target

Posted on July 21, 2023   |  

In FY 2023, overall consumer inflation will likely grow by 2.6% than the 1.7% January predictions and surpass the Bank of Japan’s 2% target.

The government expects the economy to grow by 1.3% in the current FY ending in March 2024, down from 1.5% predicted in January, due to slowing global demand.

Moreover, it also expects strong consumption and capital expenditure to promote growth, projecting a 1.2% increase in fiscal 2024.