August 17, 2020

Japan economy shrinks record 7.8% in April-June

Tokyo (AFP) – Japan’s economy shrank a record 7.8 percent in the April-June quarter, the worst contraction in the nation’s modern history, data showed Monday, as the coronavirus deepens the country’s economic woes.The contraction from the previous quarter was slightly worse than expectations but is still significantly less severe than declines seen in many other industrial economies.Still, it is the worst economic contraction for Japan since comparable data became available in 1980, eclipsing the brutal impact of the 2008 global financial crisis.And some analysts labelled it the worst fall sin…


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