(TOKYO) – Japan’s economy shrank at an annualized rate of 27.8% in April-June worst contraction on record as pandemic Crown slammed consumption and trade, according to the government published on Monday. The Cabinet Office said the preliminary seasonally adjusted real gross domestic product that Japan, or GDP, the sum of goods and services a nation fell by 7.8% from the previous quarter. The shows annual rates of what, if there had been continued, the number for one year. Japanese media reported that the recent decline was the worst since the end of World War II. But the Cabinet Office said comparable records began in 1980. The previous worst contraction during the global financial crisis of 2008-2009 has been. third largest economy in the world already in trouble when the virus hit outbreak late last year. The effects have gradually deteriorated since both COVID-19 cases restrictions and social distancing. The economy shrank by 0.6% in January-March and contracted by 1.8% in October-November last year, which means that Japan slipped into recession in the first quarter of this year. Recession is usually defined as two consecutive quarters of contraction. Japan’s economic growth stagnated in July-September. Growth was modest in the previous quarter. For the April-June period, Japan’s exports fell to a huge annual rate of 56%, while private consumption plunged at an annual rate of nearly 29%. This was not contain complete shutdown of the company crown outbreaks that have deteriorated in the past month, pushing the total number of confirmed cases to more than 56,000. Analysts say it will gradually recover the economy is expected once the impact of the pandemic is braked. economy dependent on exports of Japan relies heavily on growth in China, where outbreaks of the new coronavirus began and subsided since then. But the question remained subdued. Development of a vaccine or medical treatment for COVID-19 would also help, but the prospects for these findings are unclear. Because the GDP measures what the economy over the previous quarter, such a deep contraction is likely to be followed by a recovery unless conditions deteriorate further. This means that not necessarily back the economy, the pandemic levels. Some experts doubt, air travel and other sectors will ever fully recover. On the other hand, some companies have to stand the chances of people at home, as the video game Nintendo Co. Japanese manufacturer gathering whose profits have exploded recently. Photo copyright Philip FONG AFP / Getty Images
Japan economy shrinks pandemic shot at record rate
