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.