Japan’s economy shrank by a record 7.8 per cent in the second quarter of 2020 as it outperformed the US and Europe but lagged behind neighbouring South Korea and Taiwan in its response to coronavirus.
The figure, which equates to a 27.8 per cent decline at an annualised pace, exposes the consequences of a nationwide state of emergency over Covid-19 in April and May, which put much of the economy into a voluntary lockdown.
Japan’s performance relative to other advanced countries highlights how the effectiveness of a country’s coronavirus response affects the economy, with Japan forced to close schools but able to avoid the strict lockdowns used in Europe.
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