The economy has bottomed out and will likely achieve positive, albeit minimal, growth in the current fiscal year, said Herwig Schloegl, deputy secretary general of the Organization for Economic Cooperation and Development, on Wednesday.
Speaking at the Japan National Press Club in Tokyo, Schloegl said, "There are convincing signs that the Japanese economy has bottomed out and is well-prepared for recovery.
"The question is, 'Will the recovery come quickly or more slowly?' But this is a question that is only raised on the basis that the recession has bottomed out," he said.
Schloegl hailed Tokyo's pursuit of expansionary fiscal and monetary policies, consolidating financial and banking sectors and corporate tax reductions, housing and other business incentives.
Asked of the possibility for the OECD to revise its outlook for Japanese economic growth from the present 0.2 percent to minus this year, Schloegl said, "development is around plus minus zero."
"But we're in a situation in which it's not important whether you reach 1 percent growth or 0.5 percent growth," said Schloegl, adding that Japan has reached an economic and political turning point toward greater improvement from the recession of the previous two years.