THE RECESSION IN JAPAN AND ITS IMPACT ON THE GLOBAL ECONOMY
Extraordinary and Plenipotentiary Diplomatist|June 2020
The world’s third-largest economy, Japan, fell into recession into the third week of May, with several countries of the world have initiated the opening up of their economies following the conclusion of nationwide lockdowns as a result of the receding COVID19 pandemic.
JAY MANIYAR
THE RECESSION IN JAPAN AND ITS IMPACT ON THE GLOBAL ECONOMY

The previous recession in Japan occurred in the second half of 2015, while this recession is seen, as per a Reuters article, to be the worst since the end of World War II. A recession is defined as “a period of an economic contraction, sometimes limited in scope or duration”, as per Dictionary. com. During a recession, an economy experiences massive job losses, impediments to the creation of new jobs, stunted growth in the Gross Domestic Product (GDP) – a key determinant of a country’s overall wealth, the slowdown in industrial growth, impact on bilateral and multilateral trade, and further accumulation of government debt. Among the other factors impacted by a recession include the losses faced to jobs held by foreign nationals, withdrawal of investments owing to poor prospects in returns, etc.

The impact of the recession on Japan’s economy

The recession is the commencement of a downturn in Japan’s economy (Japan’s GDP sank by 3.4 percent in the opening quarter of 2020), following the deadly impact of the SARS Cov-2 or the novel Coronavirus. The virus, so far, has claimed over 750 lives with cases continuing to mount at the time of writing of this article. Domestic cases notwithstanding, Japan has accrued a large number of cases and deaths from aboard the Diamond Princess cruise liner, a British cruise tourism ship that was docked in Yokohoma Port amidst the spread of the virus on-board following an infection of an 85-year old person.

This story is from the June 2020 edition of Extraordinary and Plenipotentiary Diplomatist.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

This story is from the June 2020 edition of Extraordinary and Plenipotentiary Diplomatist.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

MORE STORIES FROM EXTRAORDINARY AND PLENIPOTENTIARY DIPLOMATISTView All
Key Issues Shaping The India-US Relationship In 2024
Extraordinary and Plenipotentiary Diplomatist

Key Issues Shaping The India-US Relationship In 2024

Today Indian armed forces are operating some of the high-end US weapons systems like Apache helicopters, C-130J Super Hercules, C-17 Globe-master, MQ9B Predator Drones, P-81 Poseidons, Chinooks, MH-60R Seahawks, and M777 ultra-light howitzers.

time-read
5 mins  |
March 2024
PRESIDENT DROUPADI MURMU'S HISTORIC VISIT TO MAURITIUS
Extraordinary and Plenipotentiary Diplomatist

PRESIDENT DROUPADI MURMU'S HISTORIC VISIT TO MAURITIUS

President Droupadi Murmu took centre stage amidst a whirlwind of diplomatic and social activities throughout her three-day visit to Mauritius from March 11 to March 13, 2024.

time-read
1 min  |
March 2024
ICWA CELEBRATES IORA DAY
Extraordinary and Plenipotentiary Diplomatist

ICWA CELEBRATES IORA DAY

The Indian Council of World Affairs (ICWA) commemorated the Indian Ocean Rim Association (IORA) Day on March 7, 2024, with a panel discussion themed “Securing the Indian Ocean Region: Towards a Cooperative, Prosperous, Sustainable, and Peaceful Region.” The event, held at Sapru House, brought together diplomats, policymakers, and experts to deliberate on the multifaceted dynamics of the Indian Ocean region.

time-read
1 min  |
March 2024
MIICCIA'S BUSINESS DELEGATION EXPLORES OPPORTUNITIES IN ADDIS ABABA
Extraordinary and Plenipotentiary Diplomatist

MIICCIA'S BUSINESS DELEGATION EXPLORES OPPORTUNITIES IN ADDIS ABABA

All the delegates were happy and satisfied with their meetings and thanked AACCSA for their arrangements for B2B and good interaction with the local business community.

time-read
1 min  |
March 2024
SWEDEN JOINS NATO
Extraordinary and Plenipotentiary Diplomatist

SWEDEN JOINS NATO

A HISTORIC MILESTONE IN COLLECTIVE SECURITY

time-read
1 min  |
March 2024
'We are committed to advancing peace, security, and stability on the global stage'
Extraordinary and Plenipotentiary Diplomatist

'We are committed to advancing peace, security, and stability on the global stage'

Kanchi Batra, Managing Editor, conducted an interview with H.E. Mateja Vodeb Ghosh, Ambassador of Slovenia to India. In this dialogue, we explore Slovenia's recent election as a non-permanent member of the UN Security Council for the 2024-2025 term. We delve into Slovenia's strategic priorities and objectives during its tenure on the Security Council, particularly in addressing global security challenges. Additionally, we discussed Slovenia's vision for strengthening relations with India and potential areas of collaboration.

time-read
7 mins  |
March 2024
INDIA-FRANCE Relations
Extraordinary and Plenipotentiary Diplomatist

INDIA-FRANCE Relations

HISTORICALLY SIGNIFICANT AND STRONG SINCE DECADES

time-read
7 mins  |
March 2024
INDIA-EUROPEAN FREE TRADE ASSOCIATION (EFTA) SIGNS TRADE AND ECONOMIC PARTNERSHIP AGREEMENT (TEPA)
Extraordinary and Plenipotentiary Diplomatist

INDIA-EUROPEAN FREE TRADE ASSOCIATION (EFTA) SIGNS TRADE AND ECONOMIC PARTNERSHIP AGREEMENT (TEPA)

The Union Cabinet chaired by the Hon’ble Prime Minister has approved signing of the TEPA with EFTA States. EFTA is an inter-governmental organization set up in 1960 for the promotion of free trade and economic integration for the benefit of its four Member States.

time-read
1 min  |
March 2024
UNDERSTANDING CHINA'S G.D.P
Extraordinary and Plenipotentiary Diplomatist

UNDERSTANDING CHINA'S G.D.P

The annual plenary sessions of the National People's Congress (NPC) and the National Committee of the Chinese People's Political Consultative Conference (CPPCC), known as the two sessions, have caught great attention across the world. I would like to share my interpretation of it through G.D.P.

time-read
4 mins  |
March 2024
INDIA AND UNITED STATES
Extraordinary and Plenipotentiary Diplomatist

INDIA AND UNITED STATES

\"We were strangers in defence cooperation at the turn of the century. Now, the United States has become one of our most important defence partners,\" Prime Minister Narendra Modi said in his address to the joint session of the US Congress during his state visit in June 2023. \"Today India and the US are working together, in space and in the seas, in science and in semiconductors, in start-ups and sustainability, in tech and in trade, in farming and finance, in art and artificial intelligence, in energy and education, in healthcare and humanitarian efforts.\"

time-read
5 mins  |
March 2024