TOKYO, July 29 (Xinhua) -- The Japanese government on Monday decreased its forecast of economic growth for fiscal year 2019 based on the country's weak exports.
For FY 2019, Japan's gross domestic product is expected to expand 0.9 percent in real terms, the Cabinet Office said, revising down its projection from 1.3 percent.
The Japanese government forecasted that the economy will likely grow 1.2 percent in fiscal 2020, on account of expectations that exports will potentially rise and consumer and capital expenditures will be solid.
The projections have been deemed too optimistic by local institutions, especially when compared with private-sector growth estimates for the two years, both standing at 0.5 percent.
The forecasts, produced with data as of the end of June, will be used by the government for panel discussions regarding a new state budget for fiscal 2020.