Japan's economy contracted at an annual rate of 2.1 percent in the July-September period as consumption and investment weakened.
According to the cabinet, weak wage growth has drained the vitality of the Japanese economy, contracting quarter-on-quarter by 0.5 percent. Private consumption contracted by 0.2 percent year-on-year, while corporate investment fell 2.5 percent.
Japan expects GDP growth to slow from 1.7 percent this year to 0.5 percent in 2024. The latest figures showed the economy grew at a revised annual pace of 4.5 percent from April to June and 3.7 percent from January to March.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
