Go Finance Reporting in WASHINGTON - OPEC assessing Japan's economic growth will suffer a setback after the earthquake and tsunami last March. However, IMF economists still feel optimistic about the condition of Japan provided the power supply back to normal.
As quoted by AFP on Sunday (04/17/2011), Hasan Qabazard OPEC economists said the economic growth in Japan is really shaken up after a major earthquake. "Projected growth in Japan was reduced to -0.1 percent from 1.5 percent previously," he said in an IMF program.
However, IMF economists are still optimistic that Japan will be able to grow at 1.4 percent as predicted earlier this week. This optimism is still going to grow if Japan is able to handle situations of uncertainty due to power outages and reconstruction.
"Divination is predicted because of the uncertainty due to electrical interference," said the IMF Mission Chief, Mahmood Pradhan, last Saturday. Power cuts have forced many factories to stop production, disrupt the supply of raw materials for industries in the country.
Anoop Singh, IMF Director of the Asia Pacific region also revealed the same thing. Resurrection Tokyo would happen if the budget is channeled fast reconstruction. "The uncertainty is so large over this situation makes us no one can guess when this situation will end,"he concluded. (GoFinance)
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