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Japan’s economy declined 5.7% in 2009
- Japan’s GDP increased 12.7% in December 2020 quarter from a year earlier
- Japan’s GDP grew by 22.7% in the September 2020 quarter
- Japan’s GDP fell 28.1% in the June 2020 quarter and 3.4% in the March quarter.
Japan’s GDP declined by 4.8% last year due to the Corona epidemic. The world’s third-largest economy recorded an annual decline for the first time since 2009. However, this decline is less than the market estimates.
In 2009, Japan’s economy declined by 5.7%. Japan’s GDP increased 12.7% in the October-December quarter (fourth quarter) compared to a year earlier. There was a growth of 22.7% of Japan’s GDP in the third quarter. GDP declined by 28.1% in the second quarter and 3.4% in the first quarter.
Nikkei stock index crosses 30,000 for the first time since 1990
Japan’s Nikkei 225 stock index jumped more than 1% after crossing the 30,000 level for some time after better than expected economic data. The index has crossed this level for the first time since 1990. Japan has issued a total relief package of nearly $ 3 trillion since the onset of the coronavirus epidemic.
The third wave of Corona slowed recovery in the last months of 2020
Moody’s Analytics economist Shahana Mukherjee said the third wave of the Corona epidemic in Japan dampened the pace of recovery in the last months of 2020. In December 2020, Corona Infection started making new records. The government then declared a Corona Emergency in many parts of the country, including Tokyo and Osoka.
No strict lockdown
A strict lockdown has not been imposed in Japan. The bar and restaurant have been requested to be closed by 8 pm, but they are not obliged to do so. The government has advised to follow the Work from Home policy seriously, but there is no compulsion as well. Like many other countries, Japan was caught in a deep depression in the early 2020s due to the Corona epidemic. In the second quarter of 2020 (April-June), the country’s GDP had the biggest decline after the Second World War.
US GDP falls biggest since 1946, falls 3.5% in 2020
The US economy, the world’s largest economy, declined 3.5% in 2020. This is the largest decline in US GDP since 1946. America’s GDP fell 11.6% in 1946 after the end of the World War. The US grew by 4% in the December quarter. The US economy fell by 33.4% in the September quarter. The US growth rate in 2019 was 2.2%. For the first time since 2009, the growth of US GDP has been negative.
China’s growth rate 2.3% in 2020
China’s GDP, the world’s second-largest economy, increased by 2.3% last year. Among the major economies, only China has recorded growth in the last year affected by Corona. Its GDP grew 6.5% in the last two years in the December quarter. China’s GDP declined by 6.8% in March last year. In 2019, China’s GDP was $ 14.3 trillion and that of the United States was $ 21.4 trillion. After China’s GDP growth and the decline in US GDP, China’s economy is now believed to have reached the US size.
300-year biggest decline in UK economy
In 2020, the UK economy has suffered the biggest decline in nearly 300 years and has fallen by 9.9%. This decline is more than double the decline in 2009 during the Global Financial Crisis. Prior to this, the biggest weakness in Britain’s economy came in 1709. Then the agro-based economy was shaken due to unbearable frost. France’s GDP in other countries decreased 8.3% last year. Germany’s economy shrank by 5%.
Euro zone rolled 6.8%
The euro zone’s GDP has fallen 6.8% in the last year. Its GDP declined 0.7% in the December quarter. The euro zone economy grew by 12.4% in the September quarter.