Credit Suisse cuts its FY2008 GDP projections, again
November 6, 2007
By Ken Worsley
Last Friday, it was announced that Credit Suisse had cut its estimates for Japan’s fiscal 2008 GDP growth from 1.7% to 1.3%. Back in July, Credit Suisse’s estimate stood at 2.9%.
We reported the cut in Credit Suisse’s estimate back on October 18, when it was also announced that Maquire Bank had cut their estimate from 2.5% to 1.9%. Japan Economy News announced - somewhat tongue in cheek - that our projected FY2008 GDP growth would be cut from 1.6% to 1.5%.
Credit Suisse has undercut us, and that will not stand. Japan Economy News is thus forced to cut its estimates for FY2008 GDP growth in Japan from 1.5% to 1.2%.
There are excellent reasons to lower projections now, especially with the downturn in Japan’s housing and construction starts. We also see the Tankan as flattening out, and perhaps extending beyond what could be considered a reasonable length of growth. Recent corporate profits at 16 year highs also spook us - especially when fewer than one third of those firms are in the black.
Filed Under Announcements, GDP
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[…] Ken Worsley added an interesting post today on Credit Suisse cuts its FY2008 GDP projections, again.Here’s a small reading:We reported the cut in Credit Suisse’s estimate back on October 18, when it was also announced that Maquire Bank had cut their estimate from 2.5% to 1.9%. Japan Economy News announced - somewhat tongue in cheek - that our projected … […]
[…] Ken Worsley placed an observative post today on Credit Suisse cuts its FY2008 GDP projections, again.Here’s a quick excerpt:We reported the cut in Credit Suisse’s estimate back on October 18, when it was also announced that Maquire Bank had cut their estimate from 2.5% to 1.9%. Japan Economy News announced - somewhat tongue in cheek - that our projected … […]