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27.05 - 14:14
Japan's growth drops amid pandemic, worse times likely ahead
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TOKYO – Japan's economic growth plunged into recession in the first quarter as the coronavirus pandemic squelched production, exports and spending, and fears are growing worse times may lie ahead.
The Cabinet Office reported Monday a drop of 3.4% annual pace in seasonally adjusted real gross domestic product, or GDP, the total value of a nation's goods and services, for the January-March period, compared to the previous quarter.
The annual pace gives what the rate would be when continued for a year. For just the quarter, the drop was 0.9%. Exports dived 21.8%.
Private residential investments slipped nearly 17%, and household consumption edged down 3.1%. Analysts say things are expected to get worse, as the world's third-largest economy
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