Japan braces for worst postwar slump as pandemic tips economy into recession

Japan braces for worst postwar slump as pandemic tips economy into recession GlobeBusiness

This translation has been automatically generated and has not been verified for accuracy.Japan’s economy slipped into recession for the first time in 4-1/2 years in the last quarter, putting the nation on course for its deepest postwar slump as the coronavirus crisis ravages businesses and consumers.

The world’s third-largest economy contracted an annualised 3.4% in the first quarter, preliminary official gross domestic product data showed, less than a median market forecast for a 4.6% drop. Indeed, the fallout of the virus on corporate Japan was telling with exports diving 6.0% in the first quarter, the biggest decline since April-June 2011.

Private consumption, which accounts for more than half of Japan’s $5 trillion economy, slipped 0.7% in January-March, less than a market forecast for a 1.6% drop, as robust demand for daily necessities partially offset the impact on services spending. Taken together, domestic demand knocked 0.7 percentage point off GDP growth, while external demand shed 0.2 point.

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