Tokyo, Jan. 17 (Jiji Press)–Japan’s gross domestic product is forecast to hit a record high in fiscal 2022, recovering from a slump due to the coronavirus crisis, economic and fiscal policy minister Daishiro Yamagiwa said Monday.
Yamagiwa made the remark in an economic policy speech before both chambers of chamber of the Diet, delivered on the first day of this year’s 150-day ordinary parliament session.
He expressed his determination to put the economy back on a self-sustained growth path led by private demand by implementing the fiscal 2021 supplementary and fiscal 2022 regular budgets seamlessly.
On the fight against the novel coronavirus, Yamagiwa, who is also in charge of the government’s response to the virus crisis, said the government will create an environment to facilitate the continuance of social and economic activities by strengthening the medical care system, promoting COVID-19 vaccinations further and securing drugs for the disease.
Japan will carry out “bold investments” in the areas of science and technology, climate change and economic security so that it can realize the new form of capitalism envisioned by Prime Minister Fumio Kishida, Yamagiwa said.
He referred to a plan to implement a package of measures worth 400 billion yen over three years to strengthen investments in the area of human resources development, including the promotion of a labor shift to business sectors with growth potential.