Japanese firms are overwhelmingly expecting the economy to contract after the 20...
TOKYO - Japanese firms are overwhelmingly expecting the economy to contract after the 2020 Tokyo Olympics following growth in the run-up to the event, prompting a call for fresh fiscal stimulus to support a fragile economy, a Reuters poll showed.
Analysts polled by Reuters last month expected the economy to shrink 2.5% in October-December, rebound 0.6% in the first quarter, then accelerate toward 1.2% annualized growth in the July-September quarter, during which Tokyo hosts the Olympics.The Reuters Corporate Survey found Japanese firms have a gloomier outlook of the economy, with 65% of respondents expecting the economy to contract after the Olympics. That could signal weaker business spending and investment than markets see.
“An economic boom triggered by the Olympics may help avoid a slump temporarily. Without some kind of stimulus, things could cool across all sectors,” a manager at a ceramics manufacturer wrote. Asked about the most desirable stimulus step, public works were the most popular choice, picked by 30% of respondents, followed by income tax cuts, tax breaks for capital expenditure and human capital investment in information technology and artificial intelligence, the survey showed.
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