Japan will recover only modestly in the second half of this year from a steep contraction in the current quarter, a Reuters poll showed on Friday, underscoring just how badly the world's third largest economy has been hit by a global coronavirus pandemic.
TOKYO - Japan will recover only modestly in the second half of this year from a steep contraction in the current quarter, a Reuters poll showed on Friday, underscoring just how badly the world’s third largest economy has been hit by a global coronavirus pandemic.
The global health crisis has forced many countries to impose strict lockdowns crippling economic activity worldwide. Analysts polled by Reuters expected Japan’s economy to shrink an annualized 22.0% in the second quarter, which would be the biggest decline on record, after an expected decline of around 4.5% last quarter.
“The pace of recovery from July-September will be limited compared with the huge drop in the first half of this year.” The government is due to release first-quarter gross domestic product data on May 18 and for the second quarter in August.Asked about the size of the central bank’s balance sheet, a median forecast showed it would have increased to a record 660 trillion yen by the end of this year from the 620 trillion yen as of this week.Nearly 80% of economists surveyed expected the central bank to expand its stimulus, unchanged from the April survey, and many said it could happen by July.
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