Japan will have to endure low economic growth over the next two to three years as the nation undergoes radical reforms, a key government economic panel said in the draft of a reform blueprint to be released later this month.
The draft of the Council on Economic and Fiscal Policy report, to be officially released on June 27, designates the coming two to three years as an "intensive adjustment period" for economic revival.
It seeks public understanding of the "pain" of reforms, including a possible economic contraction, during the period. People "must endure low economic growth in the short term" while structural reform steps are taken, according to the draft, which was released Monday.