(MENAFN) According to the international rating agency Moody's, Japan's economic performance will return to its levels before the Covid-19 pandemic by 2022.
The agency stated late Friday, Nov. 26 in a declaration, "Moody's expects Japan's real GDP growth to pick up in the coming quarters,” adding “the recovery will be further aided by ongoing fiscal and monetary support, as well as the continued healthy demand for Japan's merchandise exports.”
Despite having pledged 4.6 percent expansion last year, due to the Covid-19 epidemic, the rating agency predicts that Japan's GDP progression will remain under 1 percent in the medium term.
Japan's government borrowing is expected to reach 230 percent of GDP for the financial year ending in March 2021, up at around 200 percent the prior financial year because of the huge financial effect of the pandemic, according to the agency.
The agency added: “Moody's expects a gradual narrowing of the deficit, largely based on a tapering of pandemic-related spending and recovery in revenue with economic activity.”
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