Japan lost sight a long while ago of a virtuous economic cycle. In 2022, the country must ensure the recovery of the economy, which has been weighed down by the novel coronavirus pandemic.
The Japanese economy is at a crossroads as to whether it will be able to get on a full-fledged recovery track. The revised real gross domestic product for the July-September quarter in 2021 was the first negative growth in two quarters, decreasing by 3.6% on an annualized basis from the previous quarter.
Real GDP has not returned to the level of the October-December quarter in 2019, before the outbreak of the coronavirus. As a result of the protracted states of emergency declared for the pandemic, the Japanese economy has been slow to pick up compared with other major economies, such as the United States and Europe, which are already showing positive growth.
