The Japanese economy is expected to grow a real, or price- adjusted, 1.5 percent year on year in fiscal 2011, supported by overseas economic recovery, with consumer prices remaining flat, government sources said Tuesday.
On a nominal basis, the economy could expand 1.0 percent in the year starting April, the sources said, with the Cabinet of Prime Minister Naoto Kan expected to approve the projections on Wednesday.
The Japanese economy, previously assessed by the government as "pausing," will likely start recording moderate growth in the new fiscal year, largely benefiting from economic recovery overseas especially in Asia, which would accelerate Japanese production and exports, they said.
But the level of growth in fiscal 2011 is expected to be lower than in the current year, in which the government boosted domestic consumption and industrial output with fiscal stimulus measures.
The government is also projecting that the nationwide consumer price index will remain flat, halting recent falls. However, the stabilization will fall short of suggesting that the Japanese economy will overcome chronic deflation in the upcoming business year.
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