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Economic Repercussions of COVID-19 in Japan and China
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Abstract
This study seeks to explore and elucidate the economic repercussions of the COVID-19 pandemic on Japan and China. By comparing these two prominent Asian economies, the paper aims to offer insights into how different economic structures, policies, and external relations can influence the economic impacts of a global health crisis and determine what each country should do in the post-pandemic era economy. This research delves into various economic indicators such as GDP growth, employment rates, number of bankruptcies, and sectoral analyses. Using quantitative analysis shown in graphs, the paper concludes that the COVID-19 pandemic significantly impacted Japan and China's economies, affecting SMEs, supply chains, unemployment, and government finances; the study suggests both nations need a multifaceted approach from government and society to boost their post-pandemic economies. The study found that Japan faced a surge in SME bankruptcies despite financial support measures; aggregate supply experienced disruptions, and aggregate demand declined due to service restrictions, exacerbating fiscal challenges. China, facing a supply-side shock, should prioritize domestic demand, SME support, digital transformation, and healthcare investment, leading to the study's conclusion that strengthening supply chains and aligning recovery with sustainability is vital for recovery and growth in the post-pandemic era.
Keywords
Economic, Repercussion, Financial support
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Cite this article
Hayashi,Y. (2024). Economic Repercussions of COVID-19 in Japan and China. Advances in Economics, Management and Political Sciences,73,158-167.
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Volume title: Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
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