30 April 2009 11:33 [Source: ICIS news]
SINGAPORE (ICIS news)--The Bank of Japan (BOJ) forecast on Thursday that the country's gross domestic product (GDP) for the current fiscal year will shink by more than previously expected.
The BOJ now predicted that output from the world's second-biggest economy would drop by 3.1% for the year ending March 2010. It had projected in January that the decline would be 2.0%.
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The first half of the fiscal year (to September 2009) would likely see domestic demand continuing to weaken. However, the decline in exports and production may start to ease, it said.
In March, the country’s industrial production rose for the first time in six months, showing growth of 1.6% from February, although it was still down 34.2% from year-ago levels, based on preliminary data released on Thursday by the Ministry of Economy, Trade and Industry (METI).
Industrial production had been badly hit as
The outbreak of swine flu, primarily in
“Possible spreading of the new type of influenza and its influence on economic activity need to be monitored carefully,” the BOJ said in its report.
“But we are not certain if
Terence Teo contributed to this story
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