The vast majority of Japanese firms want the government to compile a supplementary budget this year to help the country cope with the coronavirus pandemic, a Reuters survey found.
The world's third-largest economy shrank an annualised 5.1per cent in the first quarter and economists have sharply revised down estimates for growth this quarter as emergency restrictions hobble consumer spending.In the survey, conducted May 6-17, 84per cent of companies said they favoured an extra budget.
Prime Minister Yoshihide Suga has faced growing calls from lawmakers to increase spending to support the economy. But he has so far expressed caution due to Japan's huge public debt and as the government has already compiled three pandemic-specific packages worth a combined US$3 trillion. Two-thirds of firms said the slowness of Japan's vaccination programme was affecting or is expected to affect their business, with many citing the stagnation in consumer spending.
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