In a report, DBS Bank has highlighted that Japan’s economy saw an annualized growth rate of 6.0% in the second quarter, and it is expected that Japan’s economy will defy regional trends and accelerate its growth in 2023.
The senior economist at the institution stated that the combination of a weak yen and Japan’s appealing tourism assets are among the factors bolstering the country’s economic recovery.
She noted that the overall yearly economic growth rate for Japan could see an acceleration of about 1 percentage point, with the year-on-year growth rate stabilizing at around 2% from the third quarter to the fourth quarter.
Furthermore, DBS Bank predicts that Japan’s economy will expand by 2.0% this year, surpassing the previous forecast of 1.2%.
