The IMF Country Reports Series covers economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member.
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 21/2 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 41/2 percent in 2004 and 21/2 percent in 2005, with CPI deflation ebbing to zero by the end of this period.