Apr 07 (NHK) - The International Monetary Fund has revised downward its projection for Japan's economy this year, citing uncertainty over surging oil prices and the conflict in Ukraine.
The IMF said in a report it has lowered its GDP growth forecast to 2.4 percent from 3.3 percent announced in January.
The board says it expects consumption to lead the rebound. But it says domestic demand will likely recover more slowly because of higher commodity prices and the unclear situation with Ukraine.
Geopolitical tensions are also likely to squeeze overseas demand, mainly due to a slowdown in Europe.
The IMF warns that the ongoing pandemic and the war in Ukraine pose "significant downside risks." It urges Japan to increase productivity and work toward sustainable and inclusive growth.