IMF cuts its forecasts of Japanese economic recovery

By @ibtimes on

Today, the International Monetary Fund (IMF) announced that the Fund has cut its forecasts of the economic recovery in Japan after the massive earthquake that hit Japan on March 11, caused a nuclear crisis and disrupted power.

Moreover, the IMF noted that the economic growth will expand 1.4% during the year, down 0.2% from its pre-quake outlook, while the expectations still indicate the Japanese economy will shrink for the first and second quarter after contacting at annualized 1.3% in 4th quarter.

On the other hand, the Japanese government has estimated the cost could reach $309 billion, making it the most expensive natural disaster on record.

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