Categories: Business

Japan's economy declines record, global economy unlikely to be restored before 2022

Photo: THE INDIAN EXPRESS

Japan reports its worst GDP on record

Tokyo Japan's economy declined by a record 27.8 percent year-on-year in the April-June quarter. According to the data released by the government on Monday, consumption and trade have been severely affected due to the corona virus epidemic, which has caused a sharp decline in the economy. According to the Cabinet Office, Japan's adjusted real GDP or GDP declined 7.8 percent in the first quarter.

The annual rate refers to the continuation of this figure for one year. Japanese media reports state that this is the biggest decline in the economy since World War II. However, the Cabinet Office says that comparisons of economy figures began in 1980. The biggest decline in the Japanese economy was in 2009. This was the time of the global crisis of 2008–09.

The world economy is unlikely to be restored before 2022

Spain's El Mundo website recently released an article stating that the world's major multinational corporations believe that the world economy cannot be restored to the pre-epidemic level before 2022. This has surfaced in an investigation by the US Ovi consulting company. Investigations reveal that 75 percent of US Fortune magazine CEOs of the World 500 powerful multinational corporations believe that the world economy will not be restored to the pre-epidemic level before 2022.

With this, 90 percent of the world's first 50 multinational corporations have planned to reduce spending during the epidemic. This is the primary mission to ensure the survival of corporations. A World Economic Outlook report released by the World Bank in June said that the shock of Kovid-19 is projected to cut the world economy by 5.2 percent in 2020. It is the most severe economic recession since World War II.

This post was published on August 17, 2020 12:12 pm

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