Taking into account
the fluctuations due to a front-loaded increase and subsequent decline in demand prior to
and after the consumption tax hike planned in April 2017, the expected growth rates during
the projection period are in the range of 1.0-1.5 percent for fiscal 2016, slightly positive for
fiscal 2017, and about 1 percent for fiscal 2018 (Chart 4). Comparing the current
projections through fiscal 2017 with those in the January 2016 Outlook Report, GDP
growth is somewhat lower, influenced mainly by weaker exports that reflect the slowdown
in overseas economies.