The economy of Japan woes caused by the coronavirus has reached records of fall into the deep recession. In the second quarter of this year, the gross domestic product of the world’s third-largest economy decreased by 27.8 percent compared to last year.
After the Second World War, Japan did not fall into such a situation The Asian economy contracted 7.8 percent between April and June. More than 20 million people infected with the coronavirus worldwide, experts estimate that 55,000 in Japan are normal. The death toll in Japan is very low at just 1,088, compared to more than 0.766 million deaths worldwide. However, the country’s economy is facing a big threat from the coronavirus.
Originally, Japan was in crisis before Covid-19. The japan economy fell into recession earlier this year. Generally, when the economy contracts for two consecutive quarters, it is said to be in recession. Since then, the crisis has been exacerbated by the coronavirus. The risk of GDP falling from April to June is much higher, the highest fall in 40 percent.
The stock market is also feeling the effects of the country’s record 7.8 percent contraction in the second quarter of the year (April to June). The nickel index fell 0.83 percent on Monday The index fell 0.83 percent on topics. Meanwhile, the Gross Domestic Product (GDP) in Japan fell sharply in the second quarter, from April to June. In those three months, domestic production fell by 27.8 percent.
One of the reasons for the economic woes is the massive drop in consumer spending. Half of the country’s economy is dependent on consumer spending. Exports have also fallen sharply due to the global trade epidemic.