The Japanese economy has slipped into recession for the first time in four and a half years in the first quarter of 2020 and could survive the worst recession in post-war history due to the impact of the coronavirus pandemic.
The world's third largest economy shrank 3.4% year on year, while markets expected an average drop of 4.6%. The decline in the first quarter followed an even sharper decline of 7.3% in October-December. The contraction of the economy for two consecutive quarters is in line with the technical definition of recession. The last time a recession in Japan was recorded in the second half of 2015.
Private consumption, which accounts for more than half of Japan’s $ 5 trillion economy, fell 0.7% in the first quarter, while markets were expecting a 1.6% drop. Exports fell 6% – the most since the devastating earthquake in March 2011.
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