Japan’s economy declined by a record 27.8 percent on an annual basis in the April-June quarter. According to data released by the government on Monday, consumption and trade have been badly affected due to the Coronavirus epidemic, which has led to a strong decline in the economy. According to the Cabinet Office, Japan’s adjusted real GDP, or GDP, declined 7.8 percent in the first quarter. The annual rate implies the continuation of this figure for a year.
Japanese media reports said it was the biggest decline of the economy since World War II. However, the Cabinet Office says the comparison of the economy figures started in 1980. Earlier, the biggest drop in the Japanese economy was recorded in 2009. It was the time of the global crisis of 2008-09.
Japan, the world’s third-largest economy, has been under pressure since last year, and the corona epidemic at the end of the year has further jolted it. The growing cases of Covid19 and the social distance constraints brought a further decline. The economy registered a decline of 0.6 percent in the January-March quarter. The decline rose to 1.8 percent in the October-December quarter. This clearly means that Japan’s economy has been in recession since the first quarter of this year.
After the decline of GDP in two consecutive times, it is assumed that the economy is reeling under recession. Japan’s exports declined by 56 percent annually in the April-June quarter, while private consumption declined by about 29 percent annually. These conditions are preceded by a complete lockdown that has been enforced due to the Coronavirus epidemic. The confirmed case of Corona in Japan is more than 56 thousand.
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