Japan
Japan Center for Economic Research real GDP forecast for May implies a quarterly annualised growth rate of -2.3% compared to annualised headline real GDP growth of -0.2% in Q1. Nominal GDP growth is seen at 3.7% y/y in May compared to the Q1 official rate of 5.1% y/y. The weakness in headline growth in Q1 was attributable to the drag from net external demand, with domestic demand components holding up quite well. The June JCER forecast will give a more accurate read on headline GDP growth for Q2.
World
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