After disaster: Japan's economy began to recover
This was stated by Deputy Cabinet Secretary for Public Affairs Office of the Prime Minister of Japan Noriyuki Shikata in a press conference on the sidelines of the ASEAN-Japan Summit in Bali Nusa Dua Convention Center (BNDCC), Nusa Dua, Bali on Friday (18/11/2011) morning.
According to Shikata, Japan's economy was devastated and suffered in the first quarter of negative growth (-2.7 percent) and the second quarter (-1.3 percent) in 2011 due to major disasters such. However, the condition was immediately turned in the third quarter, while Japan scored the economic growth of 6.0 percent.
"Economic slowdown (due to this disaster) are not as severe slowdown that occurred after the Lehman Shock," Shikata said referring to the event of bankruptcy of Lehman Brothers in the U.S. in September 2008.
Even according to the predictions of the World Economic Outlook the International Monetary Fund (IMF) which was announced last September 2011, Japan's real economic growth in 2012 is predicted to reach 2.3 percent, or higher than the U.S. (1.8 percent) or the Euro zone (1.1 per cent ).
A variety of key infrastructure in the coastal area east of Honshu Island, the most severely affected by the earthquake and tsunami, also have started to recover, or in the repair process. Lines of staple supplies in the region, which previously were badly damaged, has been fully restored.
Improvements lane highway and the Tohoku Expressway Sendai Airport is expected to be completed within one month ahead.
In a written interview special with Compass few days ago, Prime Minister of Japan Yoshihiko Noda also said the supply chain affected the manufacturing industry was already almost fully recovered. "So the supply of products and components throughout the world also took place smoothly," said Noda.
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