It is no secret that the coronavirus pandemic was a difficult time for almost everyone around the world. Not only did the death tolls rise significantly throughout the world, but the restrictions imposed due to the pandemic made conducting business and trade extremely difficult. Many small businesses even shut down because they could sustain themselves through the pandemic. Moreover, many economies, too, suffered as a result of the obstructions posed by the COVID-19 curbs.
Japan Lifts COVID-19 Curbs To Improve Economy
Japan has finally ended all the curbs and restrictions it imposed during the COVID-19 pandemic. This move brings relief and hope to all the stakeholders in the economy as it is expected that travel and tourism will soon bounce back to their pre-COVID-19 levels.
Japan had been significantly affected by the pandemic and its effect on the country’s economy was particularly bad. Hence, the ease of the COVID-19 curbs is a huge relief for the people of the country since it brings with it the hopes of increased travel and revenue. Japan is still reeling from the effects of the pandemic that its economy incurred.
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Living Costs Rise & Wages Decline
In the recent past, inflation in Japan has been rising. However, wages have been declining. Therefore, the cost of living in Japan has been extremely imbalanced. This imbalance has also prevented the public from travelling and shopping which only furthered the damage done to the country’s economy.
A survey conducted recently on the confidence of economic watchers about the current economic traditions revealed that there was a 3.5-point increase. Economic watchers are basically people like taxi drivers, hotel owners, etc. They are named so for their proximity to the economy since they bear direct witness to any rise or dip in the number of travellers.
The survey revealed that since the curbs were lifted completely, there is a rise in the confidence of economic watchers. Hence, it goes to show that officials are hoping that this move will be a positive one and help on the path of economic recovery.
Also Read: In 2022, Domestic Air Traffic In India Reached Whopping 86 Per Cent Of Pre-COVID Levels Of 2019
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