After the worst year for the economy since at least the end of World War II, economists are still hopeful of a faster recovery in the second half of 2021.
Retailers pushed imports of consumer goods to a record as they stocked up for the Christmas holiday season..
There is a “material risk” that setbacks in containing the pandemic could result in a much weaker recovery, the bank warns.
Some economists fear Japan's recovery from the coronavirus pandemic is threatened by rising infections, with a contraction possible early next year.
Amid the surge in coronavirus infections, “We are increasingly worried that the monthly gains in consumption will be weaker."
“It looks like consumer spending is increasingly turning into a headwind for this recovery from the worst economic downturn since the Great Depression."
The bank will purchase another 150 billion pounds in bonds to shore up the U.K. economy as the country enters a second lockdown.
Economists are sticking to estimates of only 4% growth in the fourth quarter and a prolonged recovery from the coronavirus recession.
The group is now predicting a 4.5% contraction for this year, citing the swift recovery in output since coronavirus containment measures were eased.
Japan’s economy entered a recession even before the coronavirus pandemic and could be facing a long road to recovery.
“It’s a very deep and dark hole and we’re coming out of it, but it’ going to take a long time to get out.”
“If the economy fell this hard in the first quarter, don’t ask how far it will crater in the second quarter because it is going to be a complete disaster."
