Japan Sees Worst Gdp Contraction In 40 Years
Japan's Cabinet Office says the country's economy saw a historic downturn in the April-June quarter. GDP contracted by the most in 40 years as the pandemic upended the economy.
The Cabinet Office says GDP shrank at an annualized 27.8 percent from the previous quarter in real terms. It's the worst result since comparable data became available in 1980.
In April and May, the government declared a state of emergency.
Personal consumption plunged as people stayed at home and businesses closed their doors.
Exports also fell as global economic activity froze, resulting in a sharp decline in auto shipments.
