Japan pushed back projections on Wednesday for bringing its budget into surplus,...
TOKYO - Japan pushed back projections on Wednesday for bringing its budget into surplus, in a sign Prime Minister Shinzo Abe’s government is struggling to rein in massive public debt as the economy comes under increasing pressure.
The government pushed back its forecast of achieving a surplus by one year to fiscal 2027, citing a downward revision to its outlook for GDP growth, inflation and tax revenue since its previous projections in January. In its January estimate, the government expected the primary budget balance to swing to a 0.1 percent surplus of gross domestic product in fiscal 2026.
Weak external demand forced the government to lower economic growth forecasts from the January estimate. It now expects real and nominal GDP growth at 2% and above 3%, respectively, from fiscal 2023, which many private-sector economists see as rosy.In Wednesday’s report, inflation was not forecast to reach 2% until 2024, a further setback for the government’s and the central bank’s aim of meeting the inflation target.
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