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Countries struggle with surging COVID cases, dwindling economy

Japans economy shrank at annual rate of 27.8 per cent in April-June, the worst contraction on record, as the pandemic slammed consumption and trade, according to government data released on Monday

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A woman shops at Khlong Toei Market in Bangkok. Thailand's economy contracted at a 12.2 per cent annual rate in the April-June quarter, its sharpest downturn since the Asian financial crisis of the late 1990s. Pic/AP

A woman shops at Khlong Toei Market in Bangkok. Thailand's economy contracted at a 12.2 per cent annual rate in the April-June quarter, its sharpest downturn since the Asian financial crisis of the late 1990s. Pic/AP

Countries across the world are struggling to contain the spread of COVID-19, some for the second time, even as the pandemic batters the economy, with a few nations witnessing a record contraction.

Japan's economy shrank at annual rate of 27.8 per cent in April-June, the worst contraction on record, as the pandemic slammed consumption and trade, according to government data released on Monday. Media reported the latest drop was the worst since World War II. But the Cabinet Office said comparable records began in 1980. The previous worst contraction was in 2009, during the global financial crisis of 2008-2009."

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