Malaysia’s economy shrinks most since 1998 Asia financial crisis… Japan’s economy set to crater by a record

(Bloomberg) — Japan’s pandemic-hit economy shrank last quarter by the most in records going back to 1955, official data is set to show Monday, with a resurgence of the virus threatening to slow a fragile recovery now under way.

Analysts see gross domestic product contracting at an annualized pace of 27% in the three months through June. That means the world’s third-largest economy will have declined in size for three straight quarters, hit first by trade wars and a sales tax hike, then by the virus.

The cratering of Japan’s economy follows grim readings from other major countries reeling from the impact of Covid-19. The U.S., where the virus still rages on, shrank by nearly a third last quarter.

Japan’s Economy Set to Crater by a Record in Awful Quarter

Japan’s pandemic-hit economy shrank last quarter by the most in records going back to 1955, official data is set to show Monday, with a resurgence of the virus threatening to slow a fragile recovery now under way.