Economics

Japan Sees Record Economic Slump With Recovery Hinging on Virus

GDP slides by annualized 27.8% for worst drop in data to 1955
Economy minister vows to protect jobs and livelihoods

Views of Setagaya As Revised GDP Sets A Gloomy Tone For The Next Growth Report — Photographer: Kentaro Takahashi/Bloomberg

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By Yoshiaki Nohara and Yuko Takeo

August 16, 2020 at 11:53 PM UTC

Updated on

August 17, 2020 at 3:01 AM UTC

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Japan posted a record economic contraction in the second quarter, with recovery prospects now hinging on how quickly an uptick in virus infections can be contained.