Amidst economic disruption occasioned by the coronavirus pandemic, Japan's economy has fallen into recession.
Amidst economic disruption occasioned by the coronavirus pandemic, Japan’s economy has fallen into recession.
Japan did not go into full national lockdown, but issued a state of emergency in April which severely affected supply chains and businesses in the trade-reliant nation. While Japan has lifted the state of emergency in 39 out of its 47 prefectures, the economic outlook for this current quarter is equally gloomy.Analysts polled by Reuters expect the country’s economy to shrink 22 per cent during the April-to-June period, which would be its biggest decline on record.
Many nations of the world, including Nigeria, have had to rejig their economic plans and projections amid the uncertainty.Despite the policy responses, many nations have experienced economic whirlwind amid disruption in global travel and trade. Many countries have gone into lockdowns to curtail the spread of the virus.
Japan also relies heavily on exporting its goods and has little control over consumer demand in other countries, which has been severely impacted by coronavirus lockdowns. Many of its biggest brands, such as car firms Toyota and Honda, have seen sales slump across the world.
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