policy board member
TOKYO (AFX-ASIA) - The Bank of Japan estimates the nation's potential economic growth is currently only about 1.0 pct, policy board member Miyako Suda said.
This compares with government estimates of about 2-3 pct. "The BoJ estimates potential economic growth at 1.0 pct. The level is historically low and below any other advanced country," Suda said in a prepared speech for local business executives in Nagano prefecture.
"The economy is entering a cyclical-recovery phase, despite the existence of a range of downward risks, so it is time for the government to focus more on structural reforms to secure the improvement," she said. Economists expect first quarter to March GDP data, due June 7, to show sharp growth of up to 9.0 pct annualised or more, though they expect the rebound to be shortlived.