We use first party and third-party Cookies to help us understand Website usage and to improve the content and offerings and to provide you advertising, analytics and other purposes related to your navigation habits. If you continue scrolling, we consider you accept the policy. You can read more about our cookie policy.


The global fashion business journal

Apr 10, 20205:23am

Japan GDP shrinks 7.1% in fourth quarter, recession fears grow amid coronavirus crisis

The Japanese economy has shrunk at its biggest pace in more than five years, according to the last revision by the Japan’s Finance Ministry.

Mar 9, 2020 — 4:50pm
mds
Save

Japan GDP shrinks 7.1% in fourth quarter, recession fears grow amid coronavirus crisis

 

 

Japanese economy shrinks more than expected. According to the latest revised data, Japan’s GDP declined 7.1% in the fourth quarter of 2019. The preliminary annualized figure was 6.3%. The new data fuels recession fears in the world’s third-largest economy and one of the most affected by the coronavirus crisis.

 

Prime Minister Shinzo Abe is expected to detail new emergency measures on Tuesday. The epidemic has come at a hard time for the Japanese economy. Last year, the Government applied the long-postponed tax raised, which hurt consumption and cut capital spending.

 

Following the measure, Abe announced a stimulus package of 13.2 trillion yen (129 billion dollars). The contraction in the fourth quarter was de steepest decline since April-June 2014, when a sales tax rise from 5% to 8% pushed the economy into recession. 

Advertising
Comment
Participation rules

info@themds.com

 

Validation policy for comments: 

 
MDS does not perform prior verification for the publication of comments. However, to prevent anonymous comments from affecting the rights of third parties without the ability to reply, all comments require a valid email address, which won’t be visible or shared.
 
Enter your name and email address to be able to comment on this news: once you click on the link you will find within your verification email, your comment will be published.

0 comments — Be the first to comment
...