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[TOKYO] Japan will fail to meet its goal of achieving in fiscal 2020 nominal gross domestic product of 600 trillion yen (S$7.8 trillion) even in fiscal 2024 if growth remains sluggish, the government's projections showed on Tuesday.
Japan now expects nominal GDP of 551 trillion yen in the fiscal year beginning in April 2020 assuming the current pace of growth, the Cabinet Office said.
The forecasts assume mid- to long-term real economic growth of 1 per cent or less, but do not take into account a massive stimulus package expected this autumn, the Cabinet Office said.
The forecasts were submitted to the Council on Economic and Fiscal Policy (CEFP), the government's advisory panel.