OECD: Japan's economy could shrink into 2021
NHK -- Jun 11
The Organization for Economic Cooperation and Development predicts that Japan's economic contraction will continue into next year if the country is hit by a second wave of the coronavirus.

The OECD's global economic outlook released on Wednesday presents two scenarios -- one in which the virus is brought under control, and another involving a second wave this year. It says the scenarios are equally likely.

The outlook says that if the virus is kept under control, the global economy will shrink by 6 percent this year and grow 5.2 percent next year. Japan's economy would contract 6 percent this year and grow 2.1 percent next year.

It says if a second wave hits, the figures for the global economy would be minus 7.6 percent this year and plus 2.8 percent next year. Japan's figures would be minus 7.3 percent this year and minus 0.5 percent next year.

The OECD says Japan's growth potential was very weak to begin with, and could be further undermined by a second wave. It adds that the effects of the Japanese government's huge fiscal and economic support packages will wear off next year.

The organization concludes that no country could expect a robust economic recovery under either scenario.

It calls for support measures focused on those who will suffer from the long-term impact of the virus.

News source: NHK
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