Japan Sees Worst Gdp Drop Since End Of World War Ii
Japan’s Cabinet Office reported that the country’s economy shrunk to an annual rate of 5.1 percent in January-March. The preliminary adjusted gross domestic products (GDP) showed household consumption dropped at an annualized rate of 5.6 percent and government spending declined 6.9 percent. According to the Associated Press, the GDP drop over the last fiscal year is the worst Japan has seen since the end of World War II. Robert Carnell, regional head of research Asia-Pacific at ING, told AP that the latest results show the negative impact of the government restrictions put in place during the pandemic....