Economists: Japan's economy is expected to shrink in 2024
Economists at BNP Paribas and SMBC Nikko Securities have lowered their economic growth expectations, forecasting that 2024 will see Japan's first annual contraction since the COVID-19 pandemic in 2020. Ryutaro Kono, an economist at BNP Paribas, expects GDP to shrink by 0.4%, while economists like Yoshimasa Maruyama at SMBC predict a decline of 0.3%. Both economists had previously predicted a slight expansion in the Japanese economy. (Bloomberg)