Japan significantly reduced its economic outlook for May, the first such change in three months. This follows on the heels of the severe state of emergency in major business centers like Osaka, which is buckling under a renewed onslaught from COVID – 19.
The government stated, “The economy shows increased weakness in some parts, though it continued picking up amid severe conditions due to the coronavirus.’’
This the second downgrade in the economic outlook for the already slow economy of Japan. They earlier downgraded their outlook in February, this year.
The economy, which is primarily driven by internal expenditure by its citizens, has been badly mauled due to the highly contagious nature of the virus.
Despite the slow-down, exports are reported to be faring well and marginally increased. The government has plans to allocate an additional $240 Billion towards economic aid for beleaguered businesses and the overall budget for the country.
