Revised figures showed that Japan’s economy grew at an annual pace of 0.1% in the fourth quarter of 2022. Which is showing how the world’s third-largest economy was barely eking out growth.
The Japanese cabinet office’s revised figure for seasonally adjusted GDP for the last three months of 2022 showed that growth on quarter was flat.
Domestic demand shrank 0.3% which is worse than the earlier release that showed a 0.2?cline. The latest numbers underline Japan’s fragile recovery.
Japan has struggled over a shortage of imported parts from China and the rest of Asia, such as computer chips for the auto industry. The country has also been struggling with inflation, especially the higher prices of energy that has been worsened by Russia's war in Ukraine.
However, the return of economic activity especially tourism is expected to bolster the rebound.
Although Covid cases still persist, the nation has been gradually relaxing measures such as crowd size restrictions or mask-wearing requirements