Thursday 30 November 2023
By Noboru Ogasa, President of Sumitomo Benelux and BJA Board Member
Background – Japan’s situation
Japan was already struggling with low economic growth before the crisis and now Japan is facing a severe decrease in domestic consumption. Exports have also fallen sharply as global trade is hit by the pandemic. That shouldn’t be a surprise: no one escaped the reach of the pandemic, and even if there weren’t strict lockdowns put in place, people generally stayed indoors and didn’t spend money. Still, now is the time to look to the future and to the possibility of a rebound. Japan is likely to do better than other economies according to some analysts.