The worse-than-expected result leaves the economy in a vulnerable position this quarter, as Prime Minister Yoshihide Suga’s (pic) administration struggles to find the right balance in a targeted approach to virus containment that attempts to limit damage to the economy and keep the staging of the Olympics on track.
TOKYO: Japan’s economy shrank more than expected during the first three months of the year, raising the possibility of a double-dip recession as the country struggles to contain infections and speed up its vaccine rollout.
Gross domestic product contracted an annualised 5.1% from the previous quarter, ending six months of double-digit growth, as businesses cut investment, shoppers held back spending and government outlays fell amid a suspension of a travel-promotion campaign to help the ailing tourism industry.
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