World Bank cuts 2024 growth forecast for Japan

The World Bank has cut its economic growth forecast for Japan for 2024 to 0.7 per cent from 0.9 per cent, while lifting the global growth outlook for the year to 2.6 per cent from 2.4 per cent, local media reported.

The Japan growth forecast fell 0.2 percentage point from the previous estimate in January due to sluggish consumption growth and slowing exports, as well as a halt in growth in demand from foreign tourists, Jiji Press said Tuesday, citing the World Bank's latest Global Economic Prospects report.

Japan's economic growth is projected to rise to 1.0 per cent in 2025, as consumption is expected to improve moderately, it added.

Meanwhile, the global economy would avoid a third consecutive drop in real GDP growth since a major post-pandemic jump in 2021, with 2024 growth stabilizing at 2.6 per cent, unchanged from 2023, according to the report.