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JAPAN’S ECONOMY SINKS DEEPER INTO WORST POSTWAR CONTRACTION

7 months ago | World Business News | 0 comments

By Xai Reyes

Japan’s economy sank deeper into its worst postwar contraction in the second quarter as the coronavirus jolted businesses more than initially thought, underscoring the daunting task the new prime minister faces in averting a steeper recession.

The world’s third-largest economy shrank an annualized 28.1% in April-June, more than a preliminary reading of a 27.8% contraction, revised gross domestic product (GDP) data showed on Tuesday, suffering its worst postwar contraction.

The record drop roughly matched a median market forecast of a 28.6% contraction in a Reuters poll.

The main culprit behind the revision was a 4.7% drop in capital expenditure, much bigger than a preliminary 1.5% fall, suggesting that the COVID-19 pandemic was hitting broader sectors of the economy.

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