Former UK Prime Minister Rishi Sunak has started providing advice as a senior adviser to Goldman Sachs. Skip to main content

Japan’s economy slows, missing growth forecasts

Japan's Economy Slows, Missing Growth Forecasts: A Deeper Dive into the Consequences Jean's economy has been dealt a significant blow as the latest data reveals a sluggish growth rate of 0.3 percent in the second quarter, falling short of initial forecasts. The underwhelming performance can be attributed to a decline in consumption and capital spending, posing significant concerns for the country's economic trajectory. As the world's third-largest economy, Japan's slowdown is likely to have far-reaching implications for the global market. Key Highlights: Sluggish GDP growth: Japan's GDP rose by a mere 0.3 percent in the second quarter, missing initial forecasts and sparking concerns about the country's economic momentum. Decline in consumption: Weakened consumer spending, which accounts for roughly 60 percent of Japan's economy, has been a major contributor to the slowdown. Capital spending sag: A decline in capital expenditure has also hin...

Former UK Prime Minister Rishi Sunak has started providing advice as a senior adviser to Goldman Sachs.

Goldman Sachs, with its senior department already crowded with a multitude of policymaking luminaries, now has the former Prime Minister of the United Kingdom added as a senior advisor, a move that combines uncertainty regarding geopolitical and regulatory matters.

Named on Tuesday was the appointment of Sunak by the investment bank.

Sunak, who remains a member of Parliament, representing a seat in northern England under the Conservative Party, was a Goldman analyst in the early 2000s before transitioning to work for several hedge funds.

In his former career in financial service and the wealth of his wife, at a time when her father was a co-founder of Indian IT services company Infosys, Sunak became the richest-ever British prime minister, thus rendering him susceptible to criticism that he "cannot understand" most voters in the UK.

He has stayed out of the limelight since resigning as leader of the Conservative Party following its worst electoral defeat in over a century in July of last year. Earlier this year, he accepted fellowships at Oxford and Stanford.

Goldman Sachs has added another former senior politician to the ranks of its personnel with the recruitment of Sunak, who had also served as the finance minister of the UK. These politicians are widely viewed as strategic assets for their political knowledge and international contacts.

According to a statement from Goldman Sachs CEO David Solomon, he said, "I am excited to welcome Rishi back to Goldman Sachs. In this role, he will partner with firm leadership to advise clients around the world on various important issues, sharing with them his unique perspectives and insights into the macroeconomic and geopolitical landscape. Other former British finance ministers trace Osborne to have joined asset management BlackRock and advisory Robey Warshaw, with Javid becoming a partner with Centricus in investment."

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