Japan's economy to shrink 4.7% in 2020/21: Central Bank

News Image

By MG News | July 15, 2020 at 10:27 AM GMT+05:00

0:00

July 15, 2020: Japan's economy will contract 4.7 percent in the year to March 2021, the central bank said Wednesday, projecting a recovery the following year but warning deep uncertainty remains.

                  The fresh outlook, with policymakers giving a range of shrinkage from 5.7 to 4.5 percent, is a downgrade from an April projection of a 5.0-3.0 percent contraction.

                  The Bank of Japan stayed hopeful about a future recovery but said the outlook was shrouded by possible future waves of the virus, which made calculations difficult.

                  "Japan's economy is likely to improve gradually from the second half of this year with economic activity resuming, but the pace is expected to be only moderate while the impact of the novel coronavirus remains worldwide," the BoJ said in a statement.

                  The bank said it expected the global economy to steadily recover, projecting Japanese GDP would expand 3.3 percent in the year to March 2022, before logging 1.5-percent growth in the following fiscal year.

                  But it also stressed that "the outlook... is extremely unclear" with its assumptions involving "high uncertainties".

                  Officials also see Japan's core consumer prices falling 0.5 percent for the year to March, well below the government's target of stable 2.0 percent inflation to foster sustainable growth.

                  The central bank said it would maintain its massive monetary easing programme, leaving short-term rates at minus 0.1 percent while keeping long-term rates around zero percent.

AFP/APP

Related News

Name Price/Vol %Chg/NChg
KSE100 125,627.31
258.99M
1.00%
1248.25
ALLSHR 78,584.71
1,142.41M
1.16%
904.89
KSE30 38,153.79
69.25M
0.63%
238.06
KMI30 184,886.50
91.38M
0.01%
13.72
KMIALLSHR 53,763.81
554.57M
0.54%
290.61
BKTi 31,921.68
33.15M
1.78%
557.94
OGTi 27,773.98
9.65M
-0.40%
-112.21
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 107,545.00 108,105.00
107,505.00
-690.00
-0.64%
BRENT CRUDE 66.43 66.63
66.34
-0.31
-0.46%
RICHARDS BAY COAL MONTHLY 97.00 97.00
97.00
1.05
1.09%
ROTTERDAM COAL MONTHLY 107.65 107.65
105.85
1.25
1.17%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 64.78 65.02
64.67
-0.33
-0.51%
SUGAR #11 WORLD 16.19 16.74
16.14
-0.52
-3.11%

Chart of the Day


Latest News
July 01, 2025 at 06:00 AM GMT+05:00

MG Morning Breeze: Updates to Skim before Market


June 30, 2025 at 11:55 PM GMT+05:00

TRG: Dominos Tumbling for the Management



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg