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Saturday, 15 August 2020

Abe says economy in 'once-in-a-century crisis'

AP , Thursday 14 May 2020
Japan
Japan's Prime Minister Shinzo Abe gestures alongside Shigeru Omi, president of the Japan Community Healthcare Organization during a news conference as the spread of the coronavirus disease (COVID-19) continues in Tokyo, Japan, May 14, 2020. (Reuters)
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Japanese Prime Minister Shinzo Abe says the world economy is facing a "once-in-a-century crisis.''

He made the remark Thursday while lifting a national coronavirus emergency except for Tokyo and seven other prefectures that remain at high risk. Abe declared a monthlong emergency in parts of Japan, including Tokyo, on April 7. He later expanded that move to nationwide and extended through May 31.

The state of emergency allows local leaders to legally take social distancing and other measures, such as requests for nonessential business closures, though they carry no penalties if violated.

The number of new cases has significantly decreased in Japan. Abe urged a slow return to social and economic activity to avoid triggering a resurgence of the spread of the infections.

"The spread of global infection is never-ending. The world economy is facing a once-in-a-century crisis and is not even comparable to the Lehman shock,'' Abe said, referring to the giant investment bank and the financial crisis of 2008. He added that even the world's largest corporations are suffering significant damage and that it is ``absolutely necessary to prevent chain bankruptcy.''

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