The biggest crash in Japan's economy since World War II

Japan's economy contracted 27.8 percent year-on-year in April-June

(PTI) Tokyo, Ta. Monday, August 17, 2020

Japan's economy contracted by a record 27.8 percent year-on-year in the April-June quarter. Japan's economy has seen record-breaking declines due to declining demand and trade due to the Corona virus epidemic.

According to the Cabinet Office, the April-June quarter saw a 7.8 per cent decline in GDP over the previous quarter. The April-June quarter, on the other hand, saw a 12.2 percent decline in the Thai economy.

According to Japanese media, the decline in the economy is the largest since World War II. The decline in Japan's economy has been attributed to restrictions imposed in the wake of the coronavirus.

The world's third-largest economy has been under pressure since last year. The economy was down 0.6 per cent in the previous January-March quarter. Japan's economy contracted 1.8 percent in the October-December quarter.

Japan's exports fell 56 percent in the April-June quarter of this year. However, according to experts, the economy will gradually improve after the corona virus is brought under control.

The 12.2 percent decline in the Thai economy in the April-June quarter is the largest since the Asian financial crisis of the 1990s. The coronavirus crisis has led to a sharp decline in the Thai economy following restrictions placed on the sector, including travel.

Thailand's economy fell 2 percent in the first quarter of this year, according to a report by the National Economic and Social Development Council. It is worth mentioning that Thailand is currently facing anti-government protests by students. In the last quarter, Malaysia's economy grew by 13.2 per cent, Singapore's by 13.2 per cent and the Philippines' by 16.5 per cent.