Japan's government expects the economy will contract this year as activity slowly recovers from the coronavirus crisis, with a return to growth seen next year, four government sources told Reuters.
TOKYO - Japan’s government expects the economy will contract this year as activity slowly recovers from the coronavirus crisis, with a return to growth seen next year, four government sources told Reuters.
Real gross domestic product is expected to shrink in the current fiscal year through March 2021 under either scenario, but it would be smaller than a 5% contraction, one of the sources said. The world’s third-largest economy is expected to have contracted 23.9% in the second quarter as the pandemic slammed global demand and Japan’s state of emergency prompted people to stay at home and businesses to close. Preliminary GDP data will be released on Aug 17.
The government has set a target to raise nominal GDP to 600 trillion yen by around 2020 but it will be delayed to around 2023, the Nikkei report said.
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