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- Japan's Economic Outlook for Fiscal Years 2023 to 2025 (November 2023)
Japan's Economic Outlook for Fiscal Years 2023 to 2025 (November 2023)

経済研究部 経済調査部長 斎藤 太郎
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2.Projection of Real GDP Growth
The July–September quarter of FY 2023 exhibited sluggishness in domestic and foreign demand, leading to negative growth (−2.1% on an annualized basis from the previous quarter) for the first time in three quarters. In the latter half of FY 2023, services exports are expected to rise, driven primarily by inbound-tourist demand; goods exports might remain sluggish due to the global economic slowdown. However, it is not anticipated that exports will be the primary engine of economic growth in the foreseeable future.
Meanwhile, private non-residential investment is expected to maintain its upward trajectory, supported by robust fixed investment by businesses. Additionally, a recovery in private consumption, especially in face-to-face services, is expected with the improvement in the employment and income environment, consistent with the normalization of socioeconomic activities. The growth of the Japanese economy is forecast to remain centered on domestic demand.
Real GDP is predicted to return to positive growth, reaching 1.7% in the October–December quarter of 2023 (on an annualized basis from the previous quarter). However, this growth is anticipated to slow, hovering around the zero range at 0.7% in the January–March quarter of 2024, primarily due to weakened exports.

Projections indicate that real GDP growth will persist at 1.4% in FY 2023, 1.3% in FY 2024, and 1.1% in FY 2025.
Inbound tourist demand, previously diminished due to the COVID-19 pandemic, has experienced rapid recovery following the phased relaxation and eventual elimination of border measures by April 2023. In October 2023, inbound visitors to Japan reached 2,516,500, surpassing 2019 levels for the same month and demonstrating a rebound in demand.
The share of visitors from China remains low, at 35.1% in October 2023 compared to the same month in 2019 and constituting about 30% of the total before the pandemic. However, an expected improvement in Japan–China relations could accelerate the overall growth in foreign visitors to Japan.

The number of foreign visitors to Japan is expected to surpass 2019 levels by 2024 and exceed 31.88 million. Due to an increase in per capita spending attributed to the weak yen, inbound foreign travel consumption is expected to exceed the government target of 5 trillion yen by 2023 and expand to 7 trillion yen by 2025.
The core CPI rose to 4.2% in January 2023, the highest level in 41 years, but settled in the low 3% range from February onwards due to government measures to alleviate the pressure of electricity and city gas bills. In September, the CPI dipped to 2.8% year-on-year while the core CPI, excluding energy and fresh food, maintained a high level in the upper 4% range for six consecutive months, indicating persistent upward price pressure.

Please note: The data contained in this report has been obtained and processed from various sources, and its accuracy or safety cannot be guaranteed. The purpose of this publication is to provide information, and the opinions and forecasts contained herein do not solicit the conclusion or termination of any contract.
(2023年11月22日「Weekly エコノミスト・レター」)
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03-3512-1836
- ・ 1992年:日本生命保険相互会社
・ 1996年:ニッセイ基礎研究所へ
・ 2019年8月より現職
・ 2010年 拓殖大学非常勤講師(日本経済論)
・ 2012年~ 神奈川大学非常勤講師(日本経済論)
・ 2018年~ 統計委員会専門委員
斎藤 太郎のレポート
日付 | タイトル | 執筆者 | 媒体 |
---|---|---|---|
2025/06/30 | 鉱工業生産25年5月-4-6月期は2四半期連続減産の可能性が高まる | 斎藤 太郎 | 経済・金融フラッシュ |
2025/06/27 | 雇用関連統計25年5月-新規求人倍率は3年6ヵ月ぶりの低水準も、労働市場全体の需給を反映せず | 斎藤 太郎 | 経済・金融フラッシュ |
2025/06/20 | 消費者物価(全国25年5月)-コアCPIは食料中心に上昇率拡大も、夏場には3%割れへ | 斎藤 太郎 | 経済・金融フラッシュ |
2025/06/18 | トランプ関税による企業収益への影響~輸出数量減少よりも輸出価格引き下げのほうが悪化幅は大きい~ | 斎藤 太郎 | 研究員の眼 |
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【Japan's Economic Outlook for Fiscal Years 2023 to 2025 (November 2023)】【シンクタンク】ニッセイ基礎研究所は、保険・年金・社会保障、経済・金融・不動産、暮らし・高齢社会、経営・ビジネスなどの各専門領域の研究員を抱え、様々な情報提供を行っています。
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