How Japan successfully escaped from Recession amid COVID-19?
Japan
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The world’s third highest economy Japan on Monday announced positive figures showing the successful escape from the recession after suffering a severe crisis in the first quarter amid the rise of COVID-19.
According to the details, The positive figures come after three-quarters of shrinking with revised data showing the economy shrank 8.2 percent in Q2, more than the previously estimated 7.9 percent.
As the demand for domestic products and exports increased, the economy witnessed growth after the coronavirus pandemic and a consumption tax hike slammed the economy.
The third-quarter growth has been welcomed by the massive, avoiding tough lockdown measures as witnessed in other countries.
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Economy revitalization minister Yasutoshi Nishimura, speaking after the GDP report, said the pace of recovery would have been faster had it not been for an earlier uptick in virus cases during the summer that weighed on consumer spending.
On the other hand, the number of new coronavirus cases in Japan hit a record of 1722 in the past 24 hours.
Fresh cases rose above 1,000 for a sixth day on Sunday, a level that is likely to discourage people from going out of their houses.
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