The Japanese government announced that it expects its economy to grow around 1.5 percent in the fiscal year 2023 starting next April.
The government predicts the real GDP to reach a record high of 558 trillion yen, driven by the government's comprehensive economic package to shore up the inflation-battered economy.
It expects the economic package will prompt wage increases and investment, boosting demand in the private-sector and fueling the economy.
But tightening monetary policies in major economies and the global inflation could put a downward pressure on the Japanese economy.
The government is set to compile budget plans based on this economic outlook.
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