After Britain, Japan is now in the grip of an economic downturn, with a 27.8% drop in GDP

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Tokyo, Monday 17 August 2020

After Britain, now Japan is also suffering from a very bad economic recession due to coronavirus. Japan's economy has suffered a major setback in the second quarter of this fiscal year. In the April-June quarter, Japan's GDP fell 27.8 percent year-on-year. This is the largest drop in GDP since Japan began providing data in 1980. The situation is that due to the epidemic, people in Japan do not have enough income to spend.

Given the growing difficulties on the economic front in Japan, the lockdown began to subside in late May and the economy began to recover, but many experts believe that anything good will happen in the July-September quarter as new cases of infection affect people. Spending too much thinking. This was the third consecutive quarter in Japan when the economy declined. It was estimated that GDP would decline by 27.2 per cent. The government released its data on Monday and it was more than this.

Consumption and exports fell sharply

According to a BBC report, Takeshi Minami, chief economist at the Norinchukin Research Institute, said the reason behind the sharp decline was the decline in consumption and exports. I expect growth to be positive in the July-September quarter. But globally, the economy is recovering at a slower pace in every part of the world except China. Private consumption accounts for more than half of Japan's total economy. It is down 8.2 per cent this quarter.

People were at home because of the lockdown and he reduced costs. Japan has unveiled a major fiscal and financial package to mitigate the effects of the epidemic. Japan's economy was already reeling from rising sales taxes and a trade war between the United States and China.

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