Japan : Staff Report for the 2004 Article IV Consultation

This 2004 Article IV Consultation highlights that Japan's economic recovery continued in 2003 and into the first part of 2004. For 2003, GDP growth reached 2½ percent, double the mid-year consensus forecast, and continued at about 6 percent on an annualized basis in the first quarter of 2004. As the economic recovery broadens further, real GDP is projected to expand by 4½ percent in 2004 and 2½ percent in 2005, with CPI deflation ebbing to zero by the end of this period.