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Economy

Japan GDP to contract mid-4% range in FY2020: government

COVID forces outlook lower than during 2008 financial crisis

The Japanese economy is taking a hit from the coronavirus outbreak.    © Reuters

TOKYO -- Japan expects its economy to shrink mid-4% range for fiscal 2020, Nikkei has learned.

The revised projection for real gross domestic product marks a significant downward revision from the prospect of 1.4% growth planned by the cabinet at the start of the year, highlighting the economic damage caused by the new coronavirus. The figure exceeds the 3.4% decline in GDP in fiscal 2008, when the economy was hit by the global financial crisis.

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