Japan has fallen into recession for the first time since 2015

The Coronavirus is wreaking havoc on the global economy with an estimated cost of up to $8.8tn. Japan, the world's third-biggest economy has shrunk at an annual pace of 3.4% in the first three months of 2020 and has fallen into recession for the first time since 2015. Japan did not go into full national lockdown but issued a state of emergency in April which severely affected supply chains and businesses in the trade-reliant nation. However, consumers in Japan have been hit by the dual impact of the coronavirus and a sales tax hike to 10% from 8% in October. The Japanese government has already announced a record $1 trillion stimulus package, and the Bank of Japan expanded its stimulus measures for the second straight month in April. Thailand's economy has also shrunk for the first time in six years due to the pandemic, which has closed borders and devastated the tourism-reliant country. Data released by its economic planning agency shows a nearly 40% drop in tourist arrivals in the first three months of 2020, compared with the same period last year. The drop has led the economy to shrink 1.8% year-on-year in January-March. Thailand has not seen a contraction since 2014 when it was brought to a standstill by political riots that clogged the streets of Bangkok and led to a coup two months later in May. Last week, Germany too slipped into recession as more major economies face the impact of sustained lockdowns.