Japan leads economic ‘Zoom boom’ out of recession

Japan’s economy has bounced back from recession with growth of 5% in the third quarter of this year.

The Asian country has seen its economy shrink during 2020 as lockdown hit its manufacturing sector and consumer spending.

The world’s third biggest economy is now exhibiting signs of recovery, although some analysts cautioned that further growth is likely to be modest.

Asian economies are leading the way for a global economic recovery, in what some have called a “Zoom boom”.

This refers to the increase in demand for screens and laptops as more people work from home, and use online meeting platforms like Zoom.

Asian economies are among the largest producers of laptops, communication equipment and other electronics.

The Asian region is set to also get a boost after signing a mega trade deal agreed over the weekend, called the Regional Comprehensive Economic Partnership (RCEP).

Other signatories include China, South Korea, Australia and Singapore.

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