BREAKING: Japan’s economy shrank at annual rate of 27.8% in April-June, the worst contraction on record, as the coronavirus pandemic slammed consumption and trade, according to a government report.
FILE - In this June 17, 2020, file photo, containers are piled up at a port in Yokohama, south of Tokyo. Japan’s economy shrank at annual rate of 27.8% in April-June, the worst contraction on record, as the coronavirus pandemic slammed consumption and trade, government data released Monday, Aug. 17, 2020, show.
The Cabinet Office reported that Japan’s preliminary seasonally adjusted real gross domestic product, or GDP, the sum of a nation’s goods and services, fell 7.8% quarter on quarter.Japanese media reported the latest drop was the worst since World War II. But the Cabinet Office said comparable records began in 1980. The previous worst contraction was during the global financial crisis of 2008-2009.The world’s third largest economy was already ailing when the virus outbreak struck late last year.
That was without any full shutdown of businesses to contain coronavirus outbreaks, which have worsened in the past month, pushing the total number of confirmed cases to over 56,000. Development of a vaccine or medical treatment for COVID-19 would also help, but prospects for such breakthroughs are unclear.
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