Japan tips into recession
The Japanese economy is now in recession after its GDP contracted for two quarters in a row, which was caused by a tax hike and multiple typhoons and worsened by the Covid-19 pandemic. – EPA pic, May 18, 2020.
JAPAN dove into its first recession since 2015, according to official data today, with the world’s third-largest economy contracting by 0.9% in the first quarter as it wrestles with the fallout from the coronavirus. The drop in gross domestic product followed a 1.9% decline in the fourth quarter of 2019 as a tax hike and typhoons hit Japan hard – even before the pandemic shut down much of the economy.
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