Japan's economy shrank less than initially estimated in the first quarter but the broad impact from the coronavirus crisis is still expected to send the country deeper into recession.
TOKYO - Japan’s economy shrank less than initially estimated in the first quarter but the broad impact from the coronavirus crisis is still expected to send the country deeper into recession.
The world’s third-largest economy shrank an annualised 2.2% in January-March, revised data showed on Monday, less than the 3.4% contraction indicated in a preliminary reading and compared with a median market forecast of a 2.1% drop. On a quarter-on-quarter basis, the economy contracted 0.6% in the first quarter compared with an initial reading of a 0.9% decline.
Analysts are forecasting the economy will suffer an annualised contraction of more than 20% in April-June after Prime Minister Shinzo Abe announced a state of emergency and requested citizens to stay home and businesses to close to prevent the virus spreading.
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