Economic Outlook Japan down

Jun 09, 1998 02:00 AM

Apr. 9, 1998 The Industrial Bank of Japan has announced revisions to its FY98 economic outlook. The bank sees the GDP minus 0.5 %- -the same as the prognosis at the end of 1997--if deflationary pressure is not alleviated. This view stands despite the effects of the additional economic stimulus programs, including persistent income tax reduction and an increase in public-spending projects.
External demand languishes because of Asian economic chaos, with a squeeze on the growth rate expanding to 1.5 points or so.
In addition, consumer spending could slump further, while capital investment slips into the minus range for the first time in 4 years. The inventory surplus is likely to hit about 4 trillion yen, the highest level since the first oil crisis. With corporate restructuring, the unemployment rate could inch up into the 4 % zone, and for the first time since FY54, the YOY change in employment figures will be a decrease.

Source: not available
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