Japanese business leaders expect the domestic economy to contract a real 0.6 percent on average in fiscal 2002, according to a survey released Monday by the influential Federation of Economic Organizations (Keidanren).
The survey's dire prediction, forecasting gross domestic product to contract for the second consecutive year, reflects a growing wave of pessimism among the nation's business leaders. Keidanren's previous survey, released in August, predicted economic growth of 0.6 percent.
The latest survey, conducted between Jan. 7 and Jan. 28, was sent out to 207 executive members and garnered 131 responses.