Japanese Government Says "Economic Downturn Is Stopping"... Upgrades Economic Assessment for First Time in 29 Months

[Image source=EPA Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Despite the impact of the novel coronavirus infection (COVID-19), the Japanese government has revised its economic assessment upward for the first time in 29 months.

On the 19th, Japan's Cabinet Office submitted the "Monthly Economic Report" to the Cabinet, stating, "The economy is in a very severe situation due to the impact of COVID-19, but the decline is stopping."

This is the first time in 2 years and 5 months since January 2018 that the Japanese government has raised its basic assessment compared to the previous month.

Also, the term "deterioration," which had appeared in the basic assessment for two consecutive months, was removed this time.

In the April report this year, it was written that "the economy is rapidly deteriorating due to the impact of COVID-19 and is in a very severe situation."

In this month's report, the Japanese government forecasted the future economic situation, stating, "While implementing measures to prevent the spread of infection and gradually raising the level of socio-economic activities, various policy effects are expected to lead toward recovery despite the very severe situation."

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