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Japan’s economy bounced back ahead of the Olympics

Japan’s economy has bounced back ahead of the Olympics.

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Japan’s economy has bounced back ahead of the Olympics.

The third-largest economy has grown twice during April to June. Meanwhile, new data also shows that the economic recovery of its larger neighbor, China, is losing steam. Preliminary data show Japan’s gross domestic product (GDP) grew by an annualized 1.3% in the second quarter of the year. That came after a 3.7% slump in the previous three months.

The latest figures were far better than the expected gain of 0.7% and came as spending by individuals and businesses bounced back from the initial impact of the coronavirus. However, Japan’s recovery remains much slower than has been seen in other advanced economies like the US, which recorded a 6.5% jump in GDP for the second quarter of the year.

In 2020, Japan’s economy shrank by more than 4.8% over the year, its first contraction in more than a decade. The Olympics had grown to the economy of the country.

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