The World Bank said Thursday it has lowered slightly its projection for Japan's economic growth in 2007 to 2.3 percent, while indicating the world's second-biggest economy might still face volatile factors, including the continued sluggish consumer spending seen in 2006 despite an roved labor market.
The figure, released in the Washington-based bank's semiannual "East Asia and Pacific Update," compares with a growth estimate of 2.4 percent in the previous report, issued in November. The latest report puts Japan's 2008 growth projection at 2.4 percent.
The Japanese economy, measured by gross domestic product, grew 2.2 percent in 2006, sharply lower than the 2.9 percent growth projected by the World Bank in November.