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Japan sinks into recession, worst yet to come

Video Credit: Reuters Studio - Duration: 01:26s - Published
Japan sinks into recession, worst yet to come

Japan sinks into recession, worst yet to come

Japan has slipped into recession for the first time in four and a half years, putting the nation on course for its deepest postwar slump as the global health crisis continues taking a heavy toll on businesses and consumers.

Gloria Tso reports.

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Japan's economy has fallen into recession for the first time in 4 and a half years.

That's according to GDP data from Monday (May 18).

It puts the nation on course for its deepest postwar slump, as the global health crisis takes a heavy toll on businesses and consumers.

The world's third-largest economy shrank 3.4% from January to March.

It's the second straight quarter of decline.

Residents were slammed by the double whammy of the health crisis and a sales tax hike from last October.

The jobless rate in March rose to its highest in a year, while the availability of jobs slipped to a more than three-year low.

Japan's economy from April to June is expected to look far worse.

Analysts polled by Reuters expect the economy to retreat by 22 percent -- the biggest decline on record.

In April Prime Minister Shinzo Abe declared a nationwide state of emergency, keeping most people at home and shutting down many businesses.

Japan's state of emergency was lifted for most regions on Thursday (May 14), but it's still in effect for some big cities including Tokyo.

The starkly negative outlook on Japan backs up fears the crisis could spark the worst global slump since the Great Depression.

Japan's government has already announced a record $1 trillion stimulus package and Abe has pledged a second supplementary budget later this month.




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