(MENAFN- Qatar News Agency) The government of Japan on Monday sharply raised its forecasts for the country's economic growth in fiscal 2013 to 2.5% and 2.7% in real and nominal terms, respectively, predicting the latest large-scale stimulus package will spur domestic demand as the global economy bounces back.
The consumer price index is likely to gain 0.5% in fiscal 2013, marking its first rise since fiscal 2008 following a 0.1% decline estimated in fiscal 2012, the government said, according to (Kyodo) news agency.
Economic and fiscal policy minister Akira Amari said at a press conference that the forecasts "can be achieved" as the stimulus package, worth 20 trillion yen ($220 billion), is expected to begin producing effects in the rest of this fiscal year through the next.
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