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Japan's GDP to shrink by 4.5% this fiscal year, worse than financial tsunami

Japan's GDP is expected to contract by 4.5% in the current fiscal year. (CNA)

The Japanese government expects real GDP to shrink by 4.5% in the current fiscal year ending March 2021 as a result of the coronavirus epidemic.

This is a significant downward revision from the 1.4% growth forecast at the beginning of the year and would be more than the 3.4% decline seen during the global financial crisis in fiscal 2008.

The Japanese government expects the real economy to grow by about 3.5% in the next fiscal year, believing that by preventing the expansion of the epidemic and economic activities, the economy will move towards recovery.

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