Over 80% of major companies in Japan expect the country’s economy to expand in 2024, supported by a recovery in personal consumption following the removal of COVID-19 restrictions, a recent survey by Japan News Agency (Kyodo) showed.
In the survey of 114 companies, including Toyota Motor Corp. and the Uniqlo clothing chain operator Fast Retailing Co., 82% said they project economic expansion, up from 55% the previous summer, when firms were concerned over price surges.
The results showed optimism over the economy even as firms grapple with rising material and energy costs, with 94% of those forecasting an expansion citing recovery of consumer spending as one of the main drivers.
With multiple answered allowed, 67% cited recovery in capital expenditure, while 55% chose departing from the coronavirus pandemic. A significant number also pointed to hopes for increased spending by foreign tourists visiting Japan.
Source: Qatar News Agency