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The International Monetary Fund on Tuesday raised its forecast for Japan's GDP growth this year to 3.1% from 2.3% made in October and that for next year to 2.4% from 1.7% previously. The global economy is projected to grow 5.5% in 2021, an upward revision from 5.2% in October, the IMF's World Economic Outlook update said. Next year's projection is unchanged at 4.2%.
Inflation is expected to remain subdued during 2021–22, consistent with persistent negative output gaps, the IMF said, adding that in advanced economies it is projected to remain generally below central bank targets at 1.5%.
As for downside risks, "Growth could turn out weaker than the baseline if the virus surge (including from new variants) proves difficult to contain, infections and deaths mount rapidly before vaccines are widely available, and voluntary distancing or lockdowns prove stronger than anticipated," the IMF said.