World Bank Lifts Japan Growth Estimate for 2016

Washington, June 10 (Jiji Press)--The World Bank lifted on Thursday its estimate on Japan's real-term gross domestic product growth for 2016 to 1.7 pct from 1.6 pct projected in January this year, thanks to the government's aggressive monetary and fiscal stimulus policy. Meanwhile, the World Bank downgraded its Japanese growth forecast for 2015 from 1.2 pct to 1.1 pct in its latest Global Economic Prospects report. It also pointed out that Japan's inflation rate is expected to stay below the Bank of Japan's target of 2 pct through 2017. On the global economy, the World Bank now forecasts growth at 2.8 pct for 2015, down from the previously estimated 3.0 pct, citing negative effects of the dollar's appreciation on U.S. exports and possible turmoil in emerging markets in the wake of the U.S. Federal Reserve's anticipated interest rate hike. The estimate for 2016 global growth was left unchanged at 3.3 pct. END