The Japanese economy has shrunk at its fastest rate on record as it battles the coronavirus pandemic.

The world’s third largest economy saw gross domestic product fall 7.8 percent in April-June from the previous quarter, or 27.8 percent on an annualised basis.

Japan was already struggling with low economic growth before the crisis.

The figures released today are a stark reminder of the severe financial impact faced by countries around the world.

Japan slipped into recession earlier this year following two successive quarters of economic contraction.

Its latest data for the April to June quarter was the biggest decline since comparable figures became available in 1980 and was slightly bigger than analysts had expected.

One of the main factors behind the slump was a severe decrease in domestic consumption, which accounts for more than half of Japan’s economy. Exports have also fallen sharply as global trade is hit by the pandemic.

SOURCE – RADIO NZ

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