World

Reports say Japan's Abe to announce plan for $5 trillion economy, outline help for families

  • Japanese Prime Minister Shinzo Abe delivers a speech during a press conference at the headquarters of his ruling Liberal Democratic Party in Tokyo, Thursday, Sept. 24, 2015.  Prime Minister Abe, fresh from a bruising battle over unpopular military legislation, announced Thursday an updated plan for reviving the world's third-largest economy, setting a GDP target of 600 trillion yen ($5 trillion).(AP Photo/Shuji Kajiyama)

    Japanese Prime Minister Shinzo Abe delivers a speech during a press conference at the headquarters of his ruling Liberal Democratic Party in Tokyo, Thursday, Sept. 24, 2015. Prime Minister Abe, fresh from a bruising battle over unpopular military legislation, announced Thursday an updated plan for reviving the world's third-largest economy, setting a GDP target of 600 trillion yen ($5 trillion).(AP Photo/Shuji Kajiyama)  (The Associated Press)

  • Japanese Prime Minister Shinzo Abe delivers a speech during a press conference at the headquarters of his ruling Liberal Democratic Party in Tokyo, Thursday, Sept. 24, 2015.  Prime Minister Abe, fresh from a bruising battle over unpopular military legislation, announced Thursday an updated plan for reviving the world's third-largest economy, setting a GDP target of 600 trillion yen ($5 trillion).(AP Photo/Shuji Kajiyama)

    Japanese Prime Minister Shinzo Abe delivers a speech during a press conference at the headquarters of his ruling Liberal Democratic Party in Tokyo, Thursday, Sept. 24, 2015. Prime Minister Abe, fresh from a bruising battle over unpopular military legislation, announced Thursday an updated plan for reviving the world's third-largest economy, setting a GDP target of 600 trillion yen ($5 trillion).(AP Photo/Shuji Kajiyama)  (The Associated Press)

  • Japanese Prime Minister Shinzo Abe takes a question from the media during a press conference at the headquarters of his ruling Liberal Democratic Party in Tokyo, Thursday, Sept. 24, 2015.  Prime Minister Abe, fresh from a bruising battle over unpopular military legislation, announced Thursday an updated plan for reviving the world's third-largest economy, setting a GDP target of 600 trillion yen ($5 trillion).(AP Photo/Shuji Kajiyama)

    Japanese Prime Minister Shinzo Abe takes a question from the media during a press conference at the headquarters of his ruling Liberal Democratic Party in Tokyo, Thursday, Sept. 24, 2015. Prime Minister Abe, fresh from a bruising battle over unpopular military legislation, announced Thursday an updated plan for reviving the world's third-largest economy, setting a GDP target of 600 trillion yen ($5 trillion).(AP Photo/Shuji Kajiyama)  (The Associated Press)

Reports say Japan's prime minister Shinzo Abe plans to announce a fresh outline for reviving the world's third-largest economy that would set a GDP target of 600 trillion yen ($5 trillion).

The national broadcaster NHK and other media say Abe will explain his plan in a news conference Thursday evening.

Abe recently was re-elected head of the ruling Liberal Democratic Party. He has promised to refocus on the economy after triumphing in a bruising battle over security legislation.

Abe reportedly will pledge better social services to lighten the burden of child and elder care for struggling families.

Japan's economy, estimated at $4.6 trillion in 2014, contracted at a 1.2 percent annual rate in the April-June quarter. Economists have warned that China's slowdown and market turmoil might weaken an expected recovery.