That makes it the largest economy to officially enter a recession, often defined as two consecutive quarters of negative growth. Other major economies around the world are set to follow, joining Japan as well as Germany and France in recession, as efforts to contain the outbreak ripple around the globe. The experiences of China, where the outbreak first emerged in December and January, suggest recovery will be long and difficult. Initial figures for the April-to-June period show its economy will be slammed by efforts to contain the outbreak. The government will decide on next steps for the remaining areas, which include the economic powerhouses Tokyo and Osaka, within the month.

Source: bd News24 May 18, 2020 01:30 UTC