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 led to a sharp decline in the economy.
According to the Cabinet Office, Japan’s adjusted real GDP or GDP decreased by 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 economic 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.
