Japan economy shrinks for first time since 2009 financial crisis but tops forecast
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Last Updated: Feb 15, 2021, 11:27 AM IST
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Synopsis
The world s third-largest economy shrank 4.8 percent last year, its first annual contraction since 2009 at the height of the global financial crisis.
Reuters
Analysts warned the near-term outlook could be bumpy as fresh virus restrictions dampen domestic consumption, and with borders still closed to tourists less than six months before the postponed Olympics.
Tokyo: Japan s pandemic-hit economy shrank in 2020 for the first time in more than a decade, but the contraction was less than expected and it ended the year on a strong note thanks to a pick-up in exports and huge government support.
Like the rest of the world, Japan was plunged into a steep recession at the start of the year suffering its worst second quarter on record as strict virus containment measures throttled economic activity, while a 2019 consumption tax added to the weakness.