Home Business news Japan’s economy suffers record slump after Covid hit

Japan’s economy suffers record slump after Covid hit

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Falling household consumption and Olympics postponement drag on growth

Japan’s recession has stretched to nine months after the world’s third biggest economy suffered a record-breaking drop in activity of almost 8% in the second quarter of 2020.

Falling household consumption was the main reason behind the contraction, with the postponement of the Olympics and weak demand for Japan’s manufacturing goods additional drags on growth.

Continue reading…Falling household consumption and Olympics postponement drag on growthCoronavirus – latest updatesSee all our coronavirus coverageJapan’s recession has stretched to nine months after the world’s third biggest economy suffered a record-breaking drop in activity of almost 8% in the second quarter of 2020.Falling household consumption was the main reason behind the contraction, with the postponement of the Olympics and weak demand for Japan’s manufacturing goods additional drags on growth. Continue reading…