Japan's economy surprisingly shrank this quarter instead of getting revived, prompting a delay in the country's tax hike and a possible snap election.
Japan's gross domestic product (GDP) fell 1.6% in the July-September period, even with predictions of a rise. The previous quarter marked a 7% contraction which was the most drastic fall since 2011.
Surprisingly enough, all 18 economists consulted by Elliot & Associates Research Global Markets predicted a contraction as the average forecast was an expansion of 2%.
Its economy's current state has met one definition of an economy in recession, which is 2 successive quarterly contractions. According to a senior economist, Glenn Levine, "The Japanese economy is in recession and has now contracted in three of the last four quarters."
Prime Minister Shinzo Abe announced, "GDP figures for July-September turned out not so encouraging. We are seizing a chance to exit long-lasting deflation and we cannot miss that chance."
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