The Strategist

Bank of Japan lowers GDP growth forecast

04/28/2022 - 09:57

The Bank of Japan has cut its prediction for fiscal year 2022 GDP growth to 2.9 percent from 3.8 percent.

In a statement, the Bank of Japan (BOJ) lowered its GDP growth prediction for fiscal year 2022 (1 April 2022 to 31 March 2023) to 2.9 percent. In January, a growth rate of 3.8 percent was expected.

The Bank of Japan forecasts 1.9 percent growth in the coming fiscal year, up from 1.1 percent in January. In 2024, the GDP is expected to rise by 1.1 percent, according to the report.

The current fiscal year's inflation forecast has been boosted to 1.9 percent from 1.1 percent in January. Inflation is expected to be 1.1 percent in fiscal years 2023 and 2024, according to the Japanese central bank; the figure for next year was unchanged from the prior projection.