Coronavirus slams Japan’s economy
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Japan’s economy shrank at annual rate of 27.8% in April-June, the worst contraction on record, as the coronavirus pandemic slammed consumption and trade, according to government data released Monday.
The Cabinet Office reported that Japan’s preliminary seasonally adjusted real gross domestic product, or GDP, the sum of a nation’s goods and services, fell 7.8% quarter on quarter.
The annual rate shows what the number would have been if continued for a year.
Japanese media reported the latest drop was the worst since World War II. But the Cabinet Office said comparable records began in 1980. The previous worst contraction was during the global financial crisis of 2008-2009.
The world’s third largest economy was already ailing when the virus outbreak struck late last year. The fallout has since gradually worsened both in COVID-19 cases and social distancing restrictions. (AP)