Monday, November 16, 2020

Japanese Economy Soars Out of Slump

 The Japanese economy is reported to have grown by 5% in the third term this year.

The Rising Sun Country saw its economy shrink at its previous rate of 8.2% after the manufacturing and shopping sectors of users were hit by the Covid-19 pandemic.

But data released today showed Japan is showing signs of recovery.

Asian economies are now leading the way in global economic recovery which analysts have characterized as a "Zoom boom". The term refers to the increasing demand for computer screens and usury computers as more people work from home and use online messaging platforms like Zoom.

Asian economies are among the largest producers of usury computers, communications equipment and other electronic goods. The increase in domestic and export demand has helped boost economic growth in Japan.

In addition, Japan has introduced two stimulus packages worth an estimated US $ 2.2 trillion, including cash payments for house contents and small business loans.

This Rantau also received a surge after a mega-level trade agreement, the Serantau Comprehensive Economic Partnership (RCEP) which was signed at the end of last week. Among the countries involved are China, South Korea, Australia and Singapore.

Permanent China is on the basis of recovering its economy by nearly 2% this year compared to any major world economy. Vietnam is also expected to experience a growth of 1.6%.