Japan's economy returns to pre-pandemic levels, but may slow down again
The Japanese are rediscovering the joys of dining out and karaoke, to the great benefit of a Japanese economy that has finally returned to its pre-coronavirus pandemic level. However, this improvement is threatened by a gloomy outlook, especially in terms of inflation.
Aware of the concerns of the population on this point, on Monday, August 15, Prime Minister Fumio Kishida called on his government to "do everything possible in the current emergency." "Soaring prices of basic necessities, including bread and noodles, are very worrying," said Mr. Kishida, who fears a jump of more than 20% in wheat prices starting in October.
The concern tempered the announcement, a few hours earlier, of a gross domestic product (GDP) increase of 0.5% between April and June, or 2.2% year-on-year. The Japanese economy grew for the third consecutive quarter, putting it slightly above the level of the last quarter of 2019, just before the pandemic.
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