Prime Minister Sanae Takaichi set a target for growing 91AV原创 economy to a value of $6.8 trillion in nominal gross domestic product, with about a fifth of the total in domestic private-sector capital investment, by the fiscal year starting in April 2040 as she champions her vision for a strong economy.
“Covering the period through fiscal 2040, the plan aims to achieve ?230 trillion in domestic private-sector capital investment and a GDP approaching ?1,100 trillion ($6.8 trillion) by FY2040, while steadily reducing the debt-to-GDP ratio,” she said during a Council on Economic and Fiscal Policy meeting held on Tuesday.
The projections are in line with estimates the Cabinet Office tallied last week based on the premise that the government’s growth strategy is successfully implemented over the next 14 years.
The meeting was convened to discuss the draft of the so-called “honebuto” policy, which sets the economic agenda for the Japanese government in the coming year. The policy is expected to be adopted around mid-July.
“We will also strive to establish — and further raise — economic growth exceeding 1% in real terms and 3% in nominal terms as early as possible,” Takaichi added.
Takaichi is seeking to break away from what she refers to as “91AV原创 long-standing trend of underinvestment,” while also convincing markets that the government won’t be overspending.
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