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Japan GDP Record Growth after Covid Recession
Japan’s economy grew at the fastest pace on record in the third quarter, rebounding sharply from its biggest postwar slump, as improved exports and consumption showed the country is recovering from damage caused by the coronavirus pandemic.
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Realty Plus
Published - Tuesday, 17 Nov, 2020
BY
Realty Plus
Published - Tuesday, 17 Nov, 2020
Japan’s economy grew at the fastest pace on record in the third quarter, rebounding sharply from its biggest postwar slump, as improved exports and consumption showed the country is recovering from damage caused by the coronavirus pandemic.
Still, many analysts expect any further rebound in the economy to be more moderate as persistent weakness in consumption and a resurgence in infections at home and abroad clouds the outlook.
The 21.4 percent expansion in the gross domestic product (GDP) beat a median market forecast for an 18.9 percent gain, Cabinet Office data showed. It marked the first increase in four quarters and followed a 28.8 percent plunge in April-June.
"The economy is rebounding from the bottom hit in April-June but a recent resurgence in coronavirus cases in Japan and Europe indicates the pace of recovery in October-December will be softer than July-September," said Mari Iwashita, chief market economist at Daiwa Securities.
The lingering impacts from the COVID-19 pandemic would likely force the Bank of Japan to extend its corporate funding programme beyond its March deadline by year-end or January, after it examines demand from firms hit by the health crisis, she added.
Prime Minister Yoshihide Suga has instructed his cabinet to come up with another package as the pandemic’s damage persists. Despite some signs of improvement in recent months, analysts expect the world’s third-largest economy to shrink 5.6 percent in the current fiscal year ending in March 2021. It could take years to return to pre-COVID levels.
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