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Japan Unlikely to Achieve Budget Surplus until FY 2029

Japan Unlikely to Achieve Budget Surplus until FY 2029

   Tokyo, July 31 (Jiji Press)--Japan is unlikely to achieve a primary budget surplus until fiscal 2029 even if its economy grows 3 pct or more annually, the Cabinet Office said Friday.
   The government has a goal of achieving a primary budget surplus in fiscal 2025, which ends in March 2026. In January this year, the Cabinet Office projected that the country would see a surplus in fiscal 2027.
   The latest estimate showed that Japan will suffer a primary budget deficit of 67.5 trillion yen in fiscal 2020 due to massive coronavirus relief spending as well as lower tax revenue amid an economic downturn.
   A deficit in the primary budget balance means the government cannot finance its policy measures without issuing debt.
   In fiscal 2025, the deficit is expected to narrow to 7.3 trillion yen, still double the amount forecast in January. The country is expected to see a surplus of 300 billion yen in fiscal 2029, the Cabinet Office said.

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AFP-JIJI PRESS NEWS JOURNAL


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