The third-largest economy in the world has been hit by the worst economic contraction in its modern history. As the pandemic closed down businesses leading to loss of jobs and buffered consumer spending, the GDP of Japan shrank by 7.8 percent in the months of April and June.
This recorded fall is marked as the biggest decline in the GDP of Japan since the 1980s. This has to lead to policymakers and stakeholders in thinking of taking action to prevent further recession. According to the reports, the total capital expenditure of Japan declined by 1.5 percent and private consumption fell by 8.2 percent.
Japan has largely reopened after long months of Lockdown at the end of May. However, the resurgence of infections has stopped businesses from operating in full and also limited consumer expenditure.
The global pandemic has also put Singapore into recession as its economy shrank to almost 43 percent in the last few months.
New Zealand has been successfully eradicating the community transmission of the disease for over 102 days but however a new cluster of infections has been found in Auckland, leading the government to take the decision to postpone its general election.
Australia has reported witnessing its deadliest day in Pandemic with 25 deaths on Monday. The death tolls and infections keep on surging high in the USA, Brazil, and India.