2023 Top 500 ranking: 8
Much less fiscal policy support will likely constrain domestic demand and higher-for-longer interest rates will make monetary policy even more restrictive.
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Macroeconomic forecasts as of 1 September 2023
Japan’s Q2 GDP significantly outperformed expectations, soaring to a 6% SAAR* from 3.7% in Q1. This robust performance was primarily driven by a surge in exports, while domestic demand indicators, such as private consumption and imports, contracted. We have revised our 2023 growth forecast up from 1% to 2%, to reflect the Q2 surprise.
The Eurozone economy has stagnated over the last three quarters, although growth in the second quarter was marginally positive due to strong idiosyncratic growth in one or two smaller countries.
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