Fiscal 2013 Economic Forecast raised by the Cabinet
PM Abe has put his pledge into action such as the supplementary budget and emergency economic measures one after another and has been carrying out policies to boost business without break in line with the concept of a "15-month budget." The budget plan for the next fiscal year clearly shows that the cabinet takes account of fiscal discipline. Some positive signs such as a depreciation of the extremely strong yen and stock prices rise have been observed since the inauguration of the Abe administration. The latest economic outlook shown by the cabinet is welcome news. It shows that nominal GDP growth rate is predicted to exceed real GDP growth rate for the first time in some years.
It should be noted that recent exchange rate movements are simply correction of excessive yen appreciation, which is a result of the political leaders' efforts to end deflation.
Mekong Region Development Mission
The Mekong region's development means a lot to the ASEAN economic integration scheduled to be born no later than 2015. We are going to visit the two countries in the area, Myanmar and Cambodia to know what they are planning to do to improve their business environment such as infrastructure building. Based upon the information, we will consider how we can work together with them towards industrialization of the land of potential.
Along with the progress of democratization in Myanmar, the country is attracting attention from all over the world in anticipation of its tremendous economic growth. We will seek specific measures through dialogue with political and business leaders of Myanmar and Cambodia, which enjoy excellent labor forces.