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Japan raises 2022 GDP growth outlook despite omicron risks

Huge stimulus boosts expectations as economy shows 'signs of picking up'

Customers shop at a department store in Osaka on Dec. 4. Japan expects consumer spending to increase next year after a COVID-plagued 2021.

TOKYO (Reuters) -- Japan upgraded on Thursday its growth projections for the next fiscal year starting in April, saying it expected gross domestic product (GDP) to hit a record even amid risks from the Omicron variant and supply constraints, Cabinet Office officials said.

The growth projection was raised to 3.2% for fiscal 2022 from a forecast 2.2% real GDP growth seen at a mid-year review in July, helped by a record extra stimulus budget approved by parliament this week.

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