Different Perspectives on the Pandemic part 5
written by 10308 Kim Chaewon
In the final article of this five-part series, the Opinion section of the PRESS took an investigated look at how Japan's economy was dealing with the pandemic.
Japan
On September 16th, the number of COVID-19 cases confirmed in Japan was more than 70,000, and the number of new confirmed cases in a day was more than 500. People in their 20s and 30s were the age group for infection. The number of confirmed cases per day reportedly exceeded 500 due to a recent increase in the number of new confirmed cases.
Japan’s second-quarter economic growth has fallen tremendously (the annual rate was -27.8%), which was the worst that it has ever been before. It decreased by 7.8% from the previous quarter.
The main factors which support Japan’s economy were individual consumption, but it decreased astonishingly (-8.2%). This is because the Japanese government’s emergency declaration was issued across the country between April and May to prevent the spread of COVID-19. This declaration has greatly reduced the number of consumers from going out.
Mizuho Research Institute said, “Although there were some signs of recovery in June, the pace of recovery in consumption in the service sector, including lodging and travel, has been slow.”
The number of closures and bankruptcies caused by COVID-19 exceeded 400 as of September 11th. If the governmental funding is cut-off, closures and bankruptcies will increase exponentially in the future.
Also, Japan’s economy has posted negative growth for the past three consecutive quarters in the wake of new infections.
In particular, the second-quarter growth rate was -7.8% compared to the previous quarter, the lowest since the start of the statistics tally in 1980. This quarter is the “worst ever” report card, which is far slower than -4.8% in the first quarter of 2009, right after the global financial crisis.
I think Japan is suffering the most from the pandemic. We can see it from the decrease rate of Japan’s economic growth. It may be hard to overcome the pandemic and the decrease in economic growth. However, they can overcome their economic recession just like before. We have to be aware of some economic problems not only in Korea but also around the world. During the pandemic, economic problems and confusion can occur in any country.
Also, Japan’s economy has posted negative growth for the past three consecutive quarters in the wake of new infections.
In particular, the second-quarter growth rate was -7.8% compared to the previous quarter, the lowest since the start of the statistics tally in 1980. This quarter is the “worst ever” report card, which is far slower than -4.8% in the first quarter of 2009, right after the global financial crisis.
My Opinion
I think Japan is suffering the most from the pandemic. We can see it from the decrease rate of Japan’s economic growth. It may be hard to overcome the pandemic and the decrease in economic growth. However, they can overcome their economic recession just like before. We have to be aware of some economic problems not only in Korea but also around the world. During the pandemic, economic problems and confusion can occur in any country.
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