Japan had witnessed a 1.9 percent drop in the economy in the fourth quarter of 2019 itself due to a tax hike and as typhoons hit. It was even before the pandemic and now as the effects of coronavirus become more evident, another recession is marked in the history of Japan. The two consecutive quarters of negative GDP growth is marked as a recession. Analysts predicted the country’s economy would suffer much worst.
“We expect the worst is yet to come, with the state of emergency in Japan and the severity of the pandemic among Western nations continuing to derail the Japanese economy,” said Naoya Oshikubo, senior economist at SuMi TRUST.
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