Japan is facing the worst economic outlook since 2009 as global coronavirus-related lockdowns hit the country’s exports and containment measures hit domestic consumption, while the Tokyo Olympics are postponed. As a result, economists slashed Japan’s GDP growth forecast for this year.
Goldman Sachs on Wednesday slashed Japan’s 2020 economic growth estimate to a 3.1% drop, compared to a 2.1% contraction in its previous forecast. Meanwhile, Barclays Plc on Thursday expected Japan’s GDP to shrink by 2.6% this year.
Tokyo Governor Yuriko Koike has asked residents to stay at home this weekend. The governor has not ruled out an option to lock down the megapolitan city. Tokyo contributed to 19% of Japan’s economy. A lockdown of the city would lower the country’s GDP by 5% for as long as it lasted, according to an estimate by Capital Economics.
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Published on March 26, 2020 6:45 PM (GMT+8)Last Updated on March 26, 2020 6:45 PM (GMT+8)
