Japan’s Abe says the world economy in “crisis once in a century”

Men wearing a face mask to help curb the spread of the coronavirus rest in Tokyo on Thursday, May 14, 2020. Japan is still under a coronavirus state of emergency that lasted until the end of May, although there have been no hard blockades. . (AP Photo / Eugene Hoshiko)

TOKYO – Japanese Prime Minister Shinzo Abe said Thursday that the world economy is facing a “crisis once in a century.”

He made the comment by raising a national coronavirus emergency, except for Tokyo and seven other prefectures that remain at high risk. Abe declared a month-long emergency in parts of Japan, including Tokyo, on April 7. Later that movement was extended to the entire country and lasted until May 31.

The state of emergency allows local leaders to legally take social distancing and other measures, such as requests for the closure of non-essential businesses, although they do not carry sanctions if they are violated.

The number of new cases has decreased significantly in Japan. Abe urged a slow return to social and economic activity to avoid triggering a revival of the spread of infections.

“The spread of the global infection is endless. The world economy is facing a crisis once in a century and is not even comparable to the Lehman shock, “Abe said, referring to the giant investment bank and the 2008 financial crisis.

He added that even the world’s largest corporations are suffering significant damage and that it is “absolutely necessary to prevent chain bankruptcy.”

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