The economy will shrink by 5.37% during the current financial year, but will grow by 3.42% in FY2021.
Tokyo … News Time
Many experts say the Japanese economy, which has been hit by the global coronavirus outbreak, will be on track to recover this year. However, he added that the government’s prediction that the economy would return to pre-epidemic levels in the first half of next year is unlikely to materialize. The Japan Center for Economic Research brought together 35 private sector economists. According to estimates, the economy will shrink by 5.37% during the current fiscal year ending in March, but will grow by 3.42% in FY2021. He says the gradual lifting of economic sanctions will increase personal spending and increase exports, including electronic parts for China and cars for the United States. Compared to the data available since 1995, the projected growth rate for the next financial year is the highest ever. However, this rate is still lower than the government’s estimated rate of 4%.
