Economists: Japan's economy is expected to shrink in 2024

Wallstreetcn
2024.07.02 06:34

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)