Covid-19 is gradually taking a great toll on Japan as the nation’s economic slumps drastically due to COVID-19 surge.
According to BBC, this is not the first time Japan will be experiencing economic retrogression, but this, appears to be grave as its gross domestic product falls by 7.8% in April-June.
Gistongist gathered that even if Japan had been battling with downturn economy before the Covid-19 pandemic, the massive economic slump is due to low domestic consumption.
This slump accounts for more than half of Japan’s economy, making the nation’s position as the world’s third largest economy shaky.
Meanwhile, some economic analyst noted that Japan economy is likely to do better than other nations as its GDP will bounce back as Covid-19 cases reduces.