Japan's Economy Shrinks at Annualised 27.8% in Q2, Logs Country's Worst GDP on Record As Consumption Hits Amid COVID-19 Crisis
Japan reported its worst GDP on record amid the coronavirus crisis. The economy of the world's third-largest economy shrank 7.8 percent in the second quarter compared with the previous quarter, the country's Cabinet Office said on Monday.
Tokyo, August 17: Japan reported its worst GDP on record amid the coronavirus crisis. The economy of the world's third-largest economy shrank 7.8 percent in the second quarter compared with the previous quarter, the country's Cabinet Office said on Monday. According to an AP report, the consumption slumped 8.2 percent for the quarter as businesses across the country shuttered during a six-week national emergency in April and May.
Japan was already struggling with low economic growth before the crisis. The startling numbers released on Monday are a reminder of the severe financial crisis which several economies are facing due to the coronavirus pandemic. Spain Slips into Recession as GDP Tumbles 18.5% in Q2, Italy, France Economies Battered as GDPs Shrink Amid COVID-19 Pandemic.
Last month, it was announced that the economies of Spain, Italy and France have battered badly due to the COVID-19 pandemic, as the lockdown closed several factories, restaurants and shops. Spain plunged into recession in the second quarter after its GDP slipped 18.5 percent due to the coronavirus pandemic. Similarly, Spain's economy suffered a bigger than expected blow in the second quarter.
(The above story first appeared on LatestLY on Aug 17, 2020 12:04 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).