The economy of Japan had gone down at the fastest pace in close to six years in the quarter ending on December as the sales tax in the previous year has hit the consumer as well as business spending and it highlights the fragile outlook which had been made worse by the growth in the risks of coronavirus.
The analysts have said that the widening of fallout from this epidemic which has been damaging the tourism and output might undermine the current quarter growth and push Japan into a state of recession as this is defined as two straight quarters where decline in the economic activity.
There is a good chance that the economy is going to suffer some more contraction in the month of January-March. This virus is going to hit the inbound tourism mainly and exports but may also weigh in on the consumption that are domestic a lot more as per Taro Saito who is a research fellow in the institute in Japan.
He has said that in case the epidemic is not contained by the time the Olympic Games begin in Tokyo will be damaging the economy in a big manner.
The gross domestic product of Japan has gone down by the annualized 6.3% in the period of October to December, as per the government showing through data on Monday and is a lot worse than the market forecast for a drop of 3.7% and has marked the first decline in the last five quarters.
It is the biggest fall ever since the second quarter of the year 2014 when the consumption had taken a hit in the increase of sales tax in the month of April in the year.
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