Te virus outbreak has had a huge impact on tourism in Japan. Although restrictions on domestic tourism were lifted, Japan’s borders to international tourists have remained virtually closed since early April with no signs these will open in the near future.
Real GDP at the end of 2019 was ¥540 trillion which dropped to ¥485 trillion during the height of the pandemic. By end of 2020 it was ¥507.6 trillion.
Unemployment, which hovered around the two per cent mark at the end of 2019 was around three per cent by September 2020 whilst sales in department stores plummeted in April and May by 65 per cent.
Suga has recently announced a stimulus package worth ¥73.6 trillion ($708bn) to pull the country out of the slump which follows on from a previous $2.2 trillion stimulus which focused on household and businesses. Tis new
P50 WIRE / PULSE / INSIGHT / REPORTS
stimulus will help push economic growth and is likely to include subsidies and incentives for companies to boost investment.
Te virus outbreak has had a huge impact on tourism in Japan. Although restrictions on domestic tourism were lifted, Japan’s borders to international tourists have remained virtually closed since early April with no signs these will open in the near future.
Initially the virus didn’t see a huge explosive spread like in Europe or North America and the government was criticised for its failure to implement severe lockdown measures in the beginning. Tere was a resurgence of infections
at the end of the year and figures stand at around 372,000 and over 5,250 deaths with around 3,800 new cases per day and 90 deaths per day (January 30).
Te government declared a state of emergency between April 7 and May 25 which requested people stay home and certain businesses were closed. After this social distancing was recommended rather than enforced, and restrictions on inter-prefectural travel was lifted on June 19 and a ‘Go To Travel’ campaign was launched in late July to encourage residents to travel offering 35 per cent discounts on total costs of accommodation and travel packages plus coupons worth 15 per cent of total costs for
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