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Economy

Japan GDP to shrink 4.7% in fiscal 2020, BOJ says

Pace of recovery is expected to be 'gradual,' governor Kuroda says

The headquarters of Bank of Japan in Tokyo: The central bank has decided to keep the main policy tools intact.   © Reuters

TOKYO -- The Bank of Japan on Wednesday forecast the nation's economy to contract 4.7% in fiscal 2020 despite recent signs of gradual recovery, a reminder that bouncing back from the coronavirus pandemic will be difficult.

The estimate, released in a quarterly outlook report, is the median of forecasts from all BOJ policy board members, which ranged from minus 4.5% to minus 5.7%. The range represented a worsening from the April estimate of a contraction of between 3.0% and 5.0%.

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