The Japanese Cabinet has lowered its estimates for GDP growth for the year 2024.

The latest economic forecast report in Japan, released by the Japanese Cabinet on Wednesday, shows that the Japanese government has lowered its estimates for the country's GDP growth rate for the year 2024.

According to the new economic forecast report, the Japanese government has negatively revised its GDP growth rate estimate to 0.4%, a significant decrease from its previous estimate of 0.7% in the last report.

The report clarified that the government made this revision in light of the negative repercussions of issues affecting the automotive industry in Japan recently, as well as a decline in the country's exports, coinciding with the slowdown in China's economy.

However, the Cabinet maintained its estimate for Japan's GDP growth rate in 2025 unchanged at 1.2%, and it also left its inflation forecast for 2024 unchanged at 2%.