Preliminary GDP data will be released on Aug 17.Under its most pessimistic scenario for the fiscal year through March 2022, the government expects to see nearly flat, but still positive GDP growth, another source said.The Nikkei business daily reported earlier on Wednesday that the government will forecast GDP to contract by around 4.5% for fiscal 2020, followed by a 3.5% expansion for fiscal 2021.The government has set a target to raise nominal GDP to 600 trillion yen ($5.71 trillion) by around 2020 but it will be delayed to around 2023, the Nikkei report said.The government’s economic outlook is more optimistic, especially of the current year, than projections made by others as stimulus steps to respond to the coronavirus crisis were accounted for, it said.Rating agency Fitch on Wednesday lowered its outlook on the country’s long-term foreign currency debt rating to negative from stable, citing the impact from the pandemic and rising public debt as policymakers try to get the economy back on track. The government has set a target to raise Japan's nominal GDP to 600 trillion yen ($5.71 trillion) by around 2020 but it will be delayed to around 2023, the report said.
TOKYO (Reuters) – Japan’s government expects the economy will contract this year as activity slowly recovers from the coronavirus crisis, with a return to growth seen next year, four government sources told Reuters.Reflecting uncertainty over how long the pandemic will last, the government will take the unusual step of announcing several growth scenarios for 2020 and 2021 this week, based on whether the pandemic will end quickly or be prolonged, the sources with knowledge of the matter said on Wednesday.Real gross domestic product (GDP) is expected to shrink in the current fiscal year through March 2021 under either scenario, but it would be smaller than a 5% contraction, one of the sources said.The government had previously forecast 1.4% growth this fiscal year based on a boost to domestic demand from stronger corporate investment and a fiscal package it approved last December.Analysts in a recent Reuters poll expected the economy to shrink 5.3% for the year as a whole, the fastest pace in decades, but believe it has begun rebounding in the current quarter and would grow 3.3% in 2021.
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Japan is a member of the G7 and GroupofTwenty.According to the International Monetary Fund, the country's per capita GDP (PPP) was at $38,937 (2016). It affirmed Japan’s rating at ‘A’.Japan has so far pledged to spend a combined $2.2 trillion in two stimulus packages to combat the heavy blow from the pandemic. As in April, the Group of Twenty (G20) advanced and emerging market economies account for the bulk of the global fiscal support—$8 trillion.
Japan’s GDP touched $5 trillion in 2019 and is expected to grow at 0.7% in 2020. It is the third-largest in the world by nominal GDP and the fourth-largest by purchasing power parity (PPP). The government has set a target to raise nominal GDP to 600 trillion yen (S$7.87 trillion) by around 2020 but it will be delayed to around 2023, the Nikkei report said.
Japan contributes almost 6 percent of the global gross domestic product (GDP). Germany is projected to grow at 1.1% in 2020 and 1.4% in 2021, higher than 0.5% in 2019. The 3.4% fall in growth domestic product (GDP) for the first three months of 2020, follows a 6.4% decline during the last quarter of 2019, pushing Japan into a technical recession. Our advertisements support businesses in our community and allow us to broadcast for free. (Reporting by Yoshifumi Takemoto and Kaori Kaneko; Writing by Daniel Leussink; Editing by Chang-Ran Kim, Jacqueline Wong and Kim Coghill)Become an OAN Supporter on Facebook to Watch Credible News 24/7 Anywhere© Copyright 2020 — Herring Networks, Inc. All Rights Reserved.President Trump suggests China will repay U.S. for economic impact of COVID-19130 federal agents stay behind in Portland as ‘quick reaction force’Federal appeals court overturns Boston bomber death penalty sentenceAnti-eviction protesters block entrance to New Orleans City Court The economy of Japan is a highly developed free-market economy.