Society | Jan 05

Japan economy to notch sharp recovery from pandemic toward end-2021

Japan's economy is expected to make its sharpest rebound in decades this year, with consumption set to pick up toward the end of 2021 as the impact of the coronavirus pandemic on the broader economy eases.

The world's third largest economy is projected to grow 3.42 percent in the next fiscal year to March 2022 following a 5.37 percent shrinkage this fiscal year, according to the average forecast of 35 economists polled by the Japan Center for Economic Research.

If the estimate is borne out, it would see a turnaround from the worst contraction to the highest growth since fiscal 1995, when comparative date became available.

The government aims to bring the economy back to pre-pandemic levels with help from stimulus measures next fiscal year. But economists said such a view seems too optimistic and that a recent resurgence of infections with new virus variants emerging could even stall the recovery in early 2021.

Consumer spending is poised to gather momentum as COVID-19 vaccines become available for widespread use by summer and would also get a one-off boost if the postponed Tokyo Olympics and Paralympics go ahead from July as currently planned.


MORE Society NEWS

A fire chief in Shiga Prefecture has been disciplined for "vaccine harassment," after a staff member who chose not to receive the COVID-19 jab was made to work in the office hallway.

Last year saw a record-breaking 1,963 prohibition orders issued in Japan under the Stalking Control Law, marking the highest number to date.

Currently, there's a rapid increase in individuals suffering from "spring fatigue." You might be affected without even realizing it.

POPULAR NEWS

Japan's Meteorological Agency announced the blooming of the Somei Yoshino cherry blossoms in Tokyo at 2 p.m. on Friday, five days later than average.

JAXA has announced the revival of the unmanned explorer "SLIM" following its successful hibernation after making Japan's first moon landing. The probe successfully endured a second lunar night, a period during which temperatures can drop to as low as minus 170 degrees Celsius.

As more people keep pets indoors, there has been a call for caution regarding unexpected pet behavior leading to fire accidents.

Seven-Eleven have extended the expiry date of its hand-rolled onigiri (rice balls), including salmon, plum, kelp, spicy cod roe, and tuna mayonnaise varieties.

The Japanese government finalized a new strategy on Wednesday aimed at the development of next-generation domestic aircraft, including initiatives for eco-friendly aviation technologies.

FOLLOW US