Covid hit Japan economy harder than expected in third quarter

covid hit japan economy harder than expected in third quarter

Sumary of Covid hit Japan economy harder than expected in third quarter:

  • TOKYO: Japan’s economy shrank far more than expected in the three months to September, as a surge in virus cases hit spending and supply chain issues hampered business, data showed Monday.
  • The contraction was driven in part by a 1.2 percent dip in household consumption that tracked the imposition of a virus state of emergency over the summer, when Japan saw its worst-ever Covid surge.
  • “Stimulus packageNew Prime Minister Fumio Kishida has vowed to shore up economic growth after a series of hits from the virus.
  • He is expected to announce an economic stimulus package worth hundreds of billions of dollars this week and his government has pledged to provide vaccine booster shots as early as next month.
  • “The fiscal measures include Covid relief spending, business support, childcare and education vouchers as well as cash handouts,” said Robert Carnell, Asia-Pacific regional head of research at ING.
  • The stimulus package is unlikely to come in time to lift this quarter’s GDP, but it “could provide some support to the 2022 growth profile,” Carnell added.

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