Q4 economic growth spares Japan from recession
Q4 economic growth spares Japan from recession Fox News
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Japan’s Economy Grows, Avoiding Recession
Japan’s economy managed to grow in the fourth quarter of last year, averting a recession, according to revised government data released Monday that had previously shown a contraction.
Economic Growth and Sustainable Development Goals (SDGs)
- Real gross domestic product, or GDP, grew in October-December at an annual pace of 0.4% instead of a contraction of 0.4%, according to the Cabinet Office.
- Real GDP is a measure of the value of a nation’s products and services. The annual rate measures what would have happened if the quarterly rate lasted a year.
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The revision reflects an improvement in private capital investment. It also means Japan avoided sinking into a technical recession, generally defined as two straight quarters of contraction.
The illuminated Tokyo Tower, top left, amongst illuminated commercial and residential buildings at night in Tokyo, Japan, on Thursday, Dec. 8, 2022. (Photographer: Kiyoshi Ota/Bloomberg via Getty Images)
The growth rate for the whole year stood unchanged at 1.9%. Japan’s economy grew 0.1% in the final quarter of last year from the previous quarter.
Implications for Sustainable Development
- Expectations are mixed on what the latest data might mean ahead of Bank of Japan policy board meetings.
- Some expect the central bank to start raising interest rates this month or next month. Japan has so far stuck to a super-easy monetary policy.
- The data show consumer spending remains weak as wage growth dulls, inflation sets hold in previously deflation-struck Japan, and the yen continues to weaken against the U.S. dollar.
- “The results also highlight the sluggishness of private consumption, reflecting a decline in purchasing power. Private consumption is likely to remain weak,” S&P Global Market Intelligence said in an analysis.
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The GDP revision had been expected because of recent data showing robust capital expenditures.
SDGs, Targets, and Indicators Analysis
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 8: Decent Work and Economic Growth
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 10: Reduced Inequalities
The article discusses Japan’s economy and its growth in the fourth quarter of last year. This is directly connected to SDG 8, which focuses on promoting sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all. Additionally, the mention of private capital investment improvement relates to SDG 9, which aims to build resilient infrastructure, promote inclusive and sustainable industrialization, and foster innovation. The article also mentions weak consumer spending and declining purchasing power, which are indicators of reduced inequalities, a key aspect of SDG 10.
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 8.1: Sustain per capita economic growth
- SDG 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation
- SDG 9.2: Promote inclusive and sustainable industrialization
- SDG 10.4: Adopt policies, especially fiscal, wage, and social protection policies, to progressively achieve greater equality
Based on the article’s content, the targets identified include sustaining per capita economic growth (SDG 8.1), achieving higher levels of economic productivity through diversification, technological upgrading, and innovation (SDG 8.2), promoting inclusive and sustainable industrialization (SDG 9.2), and adopting policies to progressively achieve greater equality (SDG 10.4).
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- Growth rate of real GDP
- Private capital investment
- Consumer spending
- Wage growth
- Inflation rate
- Exchange rate (yen against the U.S. dollar)
The article mentions several indicators that can be used to measure progress towards the identified targets. These indicators include the growth rate of real GDP, private capital investment, consumer spending, wage growth, inflation rate, and the exchange rate between the yen and the U.S. dollar.
4. Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 8: Decent Work and Economic Growth | 8.1 Sustain per capita economic growth 8.2 Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation |
Growth rate of real GDP Private capital investment |
| SDG 9: Industry, Innovation, and Infrastructure | 9.2 Promote inclusive and sustainable industrialization | Private capital investment |
| SDG 10: Reduced Inequalities | 10.4 Adopt policies, especially fiscal, wage, and social protection policies, to progressively achieve greater equality | Consumer spending Wage growth Inflation rate Exchange rate (yen against the U.S. dollar) |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: foxnews.com
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