Japanese Economy in crisis – Recession in place and forecasts worst to come.

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Japanese Economy in crisis – Recession in place and forecasts worst to come.

Japanese economy in crisis

Image Source: Bangkok Post

Japanese Economy in crisis. The country slides into recession and forecasts show the worst to come. The virus has hit Japanese consumption. Japan entered its first recession after those days of 2015. On Monday, official data was disclosed that the Japanese economy is shrinking at a rate of .9 percent in the first quarter. The country is the world’s third-largest economy and is struggling from the fall due to corona.

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.

 

Read more on the report on Bangkok Post 

News Source: Bangkok Post

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