Japan’s Economy in Deep Hole After Second-Quarter Plunge
In Japan, Gross domestic product fell 7.8% in the second quarter of 2020 when compared to Q1, representing a deep recession that could prove difficult to recover from. The contraction was much sharper than the country’s previous financial crisis, which saw a 4.8% drop in 2009.
Economists have claimed that Japan is faring well when compared to its competitors and allies, however, the country will still face challenges when trying to recover from the record drop in GDP. The COVID-19 crisis and resulting preventative lockdown measures have resulted in a global drop in GDP among top-performing countries such as China, the US, England, France, and Japan.