TOKYO - Japanese firms are overwhelmingly expecting the economy to contract after the 2020 Tokyo Olympics following growth in the run-up to the event, prompting a call for fresh fiscal stimulus to support a fragile economy, a Reuters poll showed.
Analysts polled by Reuters last month expected the economy to shrink 2.5% in October-December, rebound 0.6% in the first quarter, then accelerate toward 1.2% annualized growth in the July-September quarter, during which Tokyo hosts the Olympics.The Reuters Corporate Survey found Japanese firms have a gloomier outlook of the economy, with 65% of respondents expecting the economy to contract after the Olympics. That could signal weaker business spending and investment than markets see.
“An economic boom triggered by the Olympics may help avoid a slump temporarily. Without some kind of stimulus, things could cool across all sectors,” a manager at a ceramics manufacturer wrote. Asked about the most desirable stimulus step, public works were the most popular choice, picked by 30% of respondents, followed by income tax cuts, tax breaks for capital expenditure and human capital investment in information technology and artificial intelligence, the survey showed.
wow!
Building infrastructure to take on natural disasters...what a rational,well thought out response. I bet those jobs would pay pretty good.
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