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Japan expects economic package to lift GDP by 1.4 pct

  • December 4, 2019
  • , Jiji Press , 10:43 p.m.
  • English Press

Tokyo, Dec. 4 (Jiji Press)–Japanese government officials expect a planned economic package to lift gross domestic product by 1.4 pct after price adjustment, sources familiar with the matter told Jiji Press Wednesday.

The economic package is worth about 26 trillion yen, including some 13.2 trillion yen in fiscal spending, the sources said.

The previous package, adopted in 2016, was worth 28.1 trillion yen and included 13.5 trillion yen in fiscal spending.

The government is set to adopt the latest package on Thursday.

Central and local government spending will total 9.4 trillion yen, with 4.3 trillion yen of this covered by the central government’s fiscal 2019 supplementary budget. Expenditures from the central government’s fiscal loan and investment program will total 3.8 trillion yen.

The package will feature steps designed to recover from natural disasters including typhoons, guard against overseas economic risks such as the U.S.-China trade war and maintain economic momentum after the 2020 Tokyo Olympic and Paralympic Games.

Specific measures will include strengthening levees and dams, supporting productivity-improving efforts by small companies and farmers and granting shopping reward points to holders of the My Number social security and taxation identification card.

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