Japan's Economy Now Seen Shrinking in 2024 by Two Forecasters [BNN Bloomberg (Canada)]
Sumitomo Mitsui Financial Group Inc Unsponsored American Depositary Shares (Japan) (SMFG)
US:NYSE Investor Relations:
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Source: BNN Bloomberg
Economists at BNP Paribas and SMBC Nikko Securities slashed their growth projections to predict 2024 will mark Japan's first annual contraction since the pandemic in 2020, according to reports Tuesday. BNP's Ryutaro Kono predicts GDP will shrink by 0.4% while SMBC economists led by Yoshimasa Maruyama said the retreat will be by 0.3%. Both previously predicted slight expansions. The new estimates come after the government released a report Monday that deepened the first-quarter contraction to 2.9% from a previous 1.8%. The shifts to economic forecasts will factor into discussions when BOJ board members gather at the end of the month. One in three surveyed economists expects to see a rate increase at that meeting, according to a survey conducted last week. In light of the revised GDP figures, the central bank is likely to nudge its projection for this fiscal year down to around 0.5% from 0.8%, according to Yoshiki Shinke, senior executive economist at Dai-Ichi Life Research Institu
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