Japan’s Economy To Shrink By 4.7 Percent Next Year

July 15, 2020 | Investopaper

Japan’s central bank has forecast that the economy will shrink by about 4.7 percent by March 2021. The bank predicts deep uncertainty in 2022, even if the economy recovers. Japan’s policymakers have predicted a 5.7 to 4.5 percent decline in the economy.

The central bank said it was difficult to predict a second wave of coronavirus. The Bank of Japan said in a statement on Wednesday that “Japan’s economy is expected to improve by the middle of this year, but if the coronavirus is not controlled, economic growth will be modest.”

The World Bank expects the global economy to continue to improve. But the bank says it is difficult to assess the state of the economy right now because of widespread instability. The central bank is also trying to address Japan’s monetary policy to keep it strong.

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