Japan’s Q1 2024 GDP Contraction Revised to Be Worse Than Initially Estimated

Japan’s economic contraction in the first quarter of 2024 has been revised to be worse than initially estimated, according to the government. The revision comes after a reassessment of construction orders data, leading to a further cut in the country’s GDP result.

The revised figures indicate that the economic downturn in Japan during Q1 2024 was more severe than previously thought. This development raises concerns about the country’s economic recovery and the effectiveness of potential solutions.

Higher interest rates have been suggested as a possible solution to stimulate economic growth. However, given the revised contraction, it is unclear whether this would be an appropriate course of action. Bank of Japan Governor Ueda and Finance Minister Suzuki are expected to discuss potential measures to address the economic challenges.

The revised GDP figures highlight the need for careful consideration and evaluation of the economic situation in Japan. The government and relevant authorities will likely continue to monitor the situation closely and explore appropriate strategies to support recovery and growth.

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