The government expects the growth rate of the Japanese economy in the next fiscal year, FY2023, to increase by about 1.5% in real terms excluding price fluctuations, raising the previous forecast by 0.4 percentage points.
Due to the effects of the government's comprehensive economic measures, growth is expected centered on domestic demand.
The government has decided on the outlook for the economic growth rate, which will be the premise of next year's budget proposal, at a rotating cabinet meeting on the 22nd.
As a result, the growth rate of GDP = Gross Domestic Product is set to be about +1.5% in real terms excluding price fluctuations, which is 0.4 points higher than the July forecast.
By item,
▽ Personal consumption is expected to grow steadily by 2.2% due to the spread of wage increases among companies.
Although there are concerns about the impact of the global economic slowdown in the next fiscal year, the effect of the comprehensive economic measures compiled by the government to deal with rising prices will promote private sector investment
. We expect high growth.
In addition, the nominal GDP growth rate for the next fiscal year will be 2.1%, which will exceed the real growth rate, and the scale will reach a record high of 571.9 trillion yen.
On the other hand, the growth rate for this fiscal year has been lowered by 0.3 points from the July forecast to about 1.7% in real terms due to the impact of soaring energy and food prices.
The government expects the economy to continue picking up next fiscal year, but it is necessary to pay attention to the risk that the impact of the slowdown in overseas economies will push down the domestic economy.