2Q Japan GDP revised to 2.9% growth, driven by wages and consumer spending; ongoing risks from political uncertainty and US economic performance.

Japan's economy grew at an annualized rate of 2.9% in the second quarter, revised down from 3.1%, driven by higher wages and consumer spending. Despite this growth, risks persist from political uncertainty as the ruling party selects a new leader and from reliance on U.S. economic performance, which affects exports. The IMF forecasts Japan's global economic ranking may drop to fifth place in the coming years, behind the U.S., China, Germany, and India.

September 09, 2024
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