Japan recession fears grow as GDP shrinks at 6.3% rate with COVID-19 hit to come
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(Worthy News) – The economy took another battering from the consumption tax increase in the last quarter, contracting by the most in more than five years and fueling recession concerns as the widening coronavirus outbreak hits activity.
Gross domestic product shrank at an annualized pace of 6.3 percent from the previous quarter in the three months through December, according to a preliminary estimate by the Cabinet Office released Monday.
Economists surveyed had predicted a fall of 3.8 percent, highlighting the adverse impact of the consumption tax increase, weak global demand and typhoon disruption. [ Source: Japan Times (Read More…) ]
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