Japanese economy shrinks 27.8% amid pandemic | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Japanese economy shrinks 27.8% amid pandemic

Tokyo

The Japanese economy contracted at an annualized rate of 27.8 percent in the second quarter, as the world's third-largest economy was devastated by the novel coronavirus pandemic, a government report showed on Monday. The third straight quarterly contraction marked the biggest fall since 1980, when comparable data became available. The reading was almost in line with the 26.6 percent contraction forecast by the Japan Centre for Economic Research.