The country’s economy grew at an annualised rate of 0.6% from October to December, government data showed. Read more at straitstimes.com.
TOKYO - After more than two years under some of the world’s tightest border controls, Japan is once again open for business.
The country’s economy, the world’s third largest after the United States and China, grew at an annualised rate of 0.6 per cent from October to December, government data showed on Tuesday. The latest quarterly result capped off a second straight year of economic growth for Japan, which has traced a slow and sometimes uneven path to recovery from the economic devastation of the coronavirus.
The return to growth in the fourth quarter was partly driven by a recovery in domestic consumption, said Shinichiro Kobayashi, principal economist at Mitsubishi UFJ Research and Consulting. “The suppressed demand has steadily picked up,” Mr Kobayashi said. That rebound has been supported by the return of popular government subsidies aimed at encouraging people to travel and eat out.With tourists flooding back into the country, the yen’s weakness has also become a net positive for some business sectors that benefit from their return, said Saisuke Sakai, senior economist at Mizuho Research and Technologies.
Mr Kobayashi sees more room for the economy to expand as Chinese tourists begin to return in greater numbers.country’s surge in coronavirus cases since its “zero-Covid” policy ended.
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