Prime Minister Fumio Kishida says he will instruct his ministers to compile an economic stimulus package in a bid to address the impact on consumers from higher oil and other commodity prices as well as the coronavirus pandemic.
Japan s economy in the October-December period grew an annualized real 4.6 percent from the previous quarter, down from the initially reported expansion of 5.4 percent on a smaller rise in personal sppending, government data show.
The Japanese government downgrades its economic outlook for the first time in five months, reflecting weakness in private consumption amid a resurgence of coronavirus infections driven by the highly transmissible Omicron variant.
Japan s economy in the October-December period grew a real 1.3 percent from the previous quarter, or an annualized 5.4 percent, as personal consumption recovered with the end of a COVID-19 state of emergency amid low infections, government data show.
Japan s gross domestic product per capita will fall behind that of South Korea in 2027 and Taiwan in 2028, according to a recent projection by a Tokyo-based research institute, citing long-term low productivity on the back of slow progress in digitalization of the world s third-largest economy.