World Economic outlook - Japan Economic Growth Outlook 2013-2014 : According to an estimate by Taro Saito, head of the Economic Research Group at NLI Research Institute, Japan's real gross domestic product should rise by 2 percent in fiscal 2013 as consumers spend more freely ahead of the first hike in the tax.
However, in fiscal 2014, the GDP is expected to contract by 0.6 percent as a reaction to the spending in the previous year, as well as due to the additional burden from the higher tax rate.
After the consumption tax rate was raised from 3 percent to the current 5 percent in April 1997, the increase in real GDP dropped from 2.7 percent in fiscal 1996 to 0.1 percent in fiscal 1997. In fiscal 1998, the real GDP contracted by 1.5 percent.
No comments:
Post a Comment