Japan’s economy slipped into recession for the first time in 4-1/2 years, putting the nation on course for its deepest postwar slump as the coronavirus crisis ravages businesses and consumers
TOKYO - .
“It’s near certainty the economy suffered an even deeper decline in the current quarter,” said Yuichi Kodama, chief economist at Meiji Yasuda Research Institute. “Japan has entered a full-blown recession.” The coronavirus, which first emerged in China late last year, has ravaged the global economy as many nations went into strict lockdowns to curb the outbreak that has so far killed over 310,000 people worldwide. The pandemic has been massively disruptive on supply chains and businesses, particularly in trade-reliant nations such as Japan.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 food and 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.
Still, many analysts warn that government support will come too little, too late due to slow implementation of spending plans.
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