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© KYODOIMF cuts Japan's 2022 growth outlook; warns of risks from Russia's war in Ukraine
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englisc aspyrgend
Duh, you think?
Hardly a surprising prediction, I could have pretty much made it my self. Nor sure it even classifies as news
Similar impacts with minor local variations will occur world wide.
Much of the energy impact could have been ameliorated if Japan had grasped the nettle earlier and done way more in cutting its carbon footprint and reduced its reliance on imported fossil fuels.
AgentX
Right.. so the current economic climate is nothing to do with the gross over-reaction to COVID for the last 2+ years...
Cheradenine Zakalwe
The International Monetary Fund has slashed Japan's economic growth forecast for 2022 to 2.4 percent from its earlier estimate of 3.3 percent, citing elevated uncertainty stemming from Russia's war in Ukraine
The IMF is an international loan shark that institutes austerity measures in order to capture nations' key resources.
englisc aspyrgend
AgentX, the effects of the COVID measures were already baked in to the system, what we are seeing now is the effect of the russian attack on Ukraine which is on top of any ongoing COVID related effects.
Antiquesaving
Ukraine must repay $7.8 billion in loans this year, it borrowed $ 1.2 billion in March from the IMF and world Bank right after it made a $ 1 billion loan payment in March.
This is not connected to the war these payments are part of $58 billion Ukraine owes to western countries and Banks.
On top of everything Ukraine is getting weapons on "credit" which is not part of the $1.2 billion March loan or part of the$ 1 billion payments per month it has to make this year.
Ukraine askes for aid ad gets a few hundred millions in donations.
If the west really wants to help Ukraine then forgive the next several billion dollars payments letting Ukraine keep that money to help their people and give them the weapons free of charge.
This would improve Ukraine's situation far faster than a few million dollars trickling in from donations.
dan
IMF is a loan shark - disgusting
OssanAmerica
Most people with any investment smarts buy a currency when it's cheap, not sell.
Skeptical
Just to be clear:
This was the conclusion of the annual Article IV discussion that the IMF ordinarily has with its members. It didn't involve the IMF lending or giving money to Japan.
Russia's invasion of Ukraine? Part of it.
Now read the interesting stuff from the discussion's conclusion:
Page down to the EB's take on the findings (https://www.imf.org/en/News/Articles/2022/04/06/pr22106-imf-executive-board-concludes-2022-article-iv-consultation-with-japan) to read the voted one's emphasis over the importance of future efforts of Japan to increase productivity, consolidate a strategy that preserves growth by putting public debt on a downward path to strengthen the ability to respond to shocks, and achieve inclusive and sustainable growth. My favorite:
Just can't make this stuff up.
Antiquesaving
Larr FlintToday 08:33 pm JST
Been hearing that chicken Little "the sky is falling," since I arrived in Japan over 30 years ago.
But the odd thing is the yen is higher today than back then.
When I arrived the US dollar was ¥130 today ¥123 it was even more dramatic with the Canadian dollar as it's value vis a vis the yen is now a joke.
Kyo wa heiwa dayo ne
You mean Japan's growth is stifled because of the sanctions and tariffs it placed on Russia and the 2 years of pandemic.
Don't blame it all on Ukraine crisis.
Skeptical
Want to compare Japan's annual Art IV results with another country?
How about Switzerland?
This was released at nearly the same time (April 6th, to be exact).
Some of it is similar, and some isn't. Note the language to this neutral country.
Sven Asai
The problems are mainly all severe structural ones, not temporary and events driven ones. But it’s of course much easier to blame Lehman bros., a little invisible virus or a conflict thousands of miles away and to bring that as an only reason per media microphones and journalists’ fountain pens.
Yrral
It time for Ukraine to bring these runaway Oblast in Ukraine and put these be traitors under the control of Kiev
Skeptical
@ Yrral: Yes, they did. Vote was 94 - 24 - 58. Becoming only the second country ever to be removed from the council.
https://news.un.org/en/story/2022/04/1115782
Aside from Russia's threat before the vote was taken (according to the Associated Press, Russia told several nations that voting in favor of the resolution or abstaining from the vote would be considered an "unfriendly gesture" and alter that country's relationship with Russia), this might be a factor to be addressed in the IMF's semiannual World Economic Outlook report due this month, addressing global inflation and contraction?
We shall see.
JeffLee
Japan's "structural" reality is that can spend lots of public money and pay all its debts, while running near-zero interest rates with only moderate inflation.
You don't seem to realize that Covid and Ukraine are unprecedented events in the post war world with enormous economic consequences.
Septim Dynasty
I am surprised that no one here mentions "weak Yen" which will be permanent from now on.
The IMF, World Bank, and credit rating agencies will label Japan into a developing country soon if the weak Yen maintains its permanent position.