The Japanese Economy Was In Recession Before The Pandemic

( Tokyo, 3rd August 2020 ) Japan on Monday (3rd) announced revised gross domestic product (GDP) data for the first quarter of 2020.

Kyodo News Agency reported that the Cabinet Office of Japan said on Monday (3rd) that after excluding price changes, it actually fell by 0.6% from the previous quarter, and Japan’s first-quarter GDP equivalent annual rate fell by 2.2%.

According to Bloomberg News, the revised data showed that Japan’s economic contraction in the first quarter was the same as the initial value, indicating that the Japanese economy had fallen into recession before the new crown pneumonia pandemic caused the greatest impact. Economists had predicted that the Japanese economy would shrink by 2.8%.

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