TOKYO — Japan’s pandemic-hit economy shrank in 2020 for the first time in more than a decade, but the contraction was less than expected and it ended the year on a strong note thanks to a pick-up in exports and huge government support.
Still, analysts warned the near-term outlook could be bumpy as fresh virus restrictions dampen domestic consumption, and with borders still closed to tourists less than six months before the postponed Olympics.
The world’s third-largest economy shrank 4.8 percent last year, its first annual contraction since 2009 at the height of the global financial crisis.
However, the figure was better than forecast in a Bloomberg survey of analysts thank…
Keep on reading: Japan economy shrinks for first time since 2009 but tops forecast