Japan's economy to shrink 4.7 per cent 2020/21: central bank

A view of signage outside the headquarters of Bank of Japan amid the Covid-19 outbreak in Tokyo, Japan, on May 22, 2020.- Reuters

TOKYO (AFP): Japan's economy will contract 4.7 per cent in the year to March 2021, the central bank said Wednesday (July 15), projecting a recovery the following year but warning deep uncertainty remains.

The fresh outlook, with policymakers giving a range of shrinkage from 5.7 to 4.5 per cent, is a downgrade from an April projection of a 5.0-3.0 per cent contraction.