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Japan has just fallen into recession, and far worse can happen

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Japan has just fallen into recession, and far worse can happen

The world’s third-largest economy shrank 0.9% in the January-to-March period compared with the previous quarter, according to government data released Monday. While it was slightly better than the 1.2% decline forecast in the Refinitiv analyst poll, it was still the second quarter of a row in a row – meaning Japan has now entered a recession.

The decline was more dramatic, a 3.4% decrease, when measured as an annual rate.

Japan’s economy was struggling before the outbreak: Economic activity contracted late last year when the country absorbed sales tax increases and wrestled with the effects of Typhoon Hagibis, a strong storm that hit the country last fall.

And although the virus began to overload the country in early 2020, analysts warned that Japan’s first quarter did not capture the full effects of the pandemic.

“The sharp decline in output in the first quarter showed the spread of the virus had dealt a significant blow to economic activity in March,” wrote Tom Learmouth, Japanese economist for Capital Economics, in a research note Monday. He said that “far worse” would come in the second quarter, estimating a 12% quarter-to-quarter decline.

Private consumption, which accounts for more than half of Japan’s economy, fell 0.7% – and that was before the government declared a state of emergency that led to national restaurants and retail closures.

“That’s just the tip of the iceberg,” Learmouth said. “April and May will be much worse.”

Exports – which account for 16% of the Japanese economy – shrank 6% in the quarter, as goods tied to the country’s main trading partners stagnated. It was the sharpest contraction for the sector since 2011, when a major earthquake and tsunami struck the country.
Meanwhile, the Japanese government has announced a around $ 1 trillion in stimulus packages to protect the economy from a pandemic collapse. That is equivalent to around 20% of Japan’s annual output. The Shinzo Abe government is likely to announce more action before the end of this month.

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5-star hotels lead the way in the restoration of Portuguese tourist sites

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5-star hotels lead the way in the restoration of Portuguese tourist sites

In October, the number of overnight stays in 5-star hotels increased by 15.9% compared to the same month in 2019, which, according to additional information, namely from the DMC (Tourist Inception Agency), is associated with a strong increase in tourism from the United States. states.

Information published today by INE indicates that in October, compared to the same month before the pandemic, the number of overnight stays in tourist establishments in Portugal increased by 6.2%, with the strongest increase in hotels, at 8.2%. in which, therefore, 62.1% is concentrated. overnight stays.

The information shows that 4-star hotels, where the largest number of beds are concentrated, had 48.9% of overnight stays in October, totaling 2.05 million, which is +7.6% or more than 144.7 thousand than in October 2019.

This was followed by 3-star hotels with 927.3k, but this increase was about half of 5-star hotels, by 7.6% or 65.5k, to 927.3k, and then 5-star hotels with 857. 4 thousand overnight stays, an increase of 15.9%. or 117.6 thousand compared to the same pre-pandemic month.

In contrast to the evolution in these categories, there were 2- and 1-star hotels, in which the number of overnight stays decreased by 2.7%, or ten thousand, to 360.8 thousand.

The cheapest apart-hotels (three and two stars) also saw a decrease in overnight stays, from -20.9% or less than 24.4 thousand, in hotels and farms in Madeira, from -0.4% or less, to about 300, and in tourist settlements, from -7.7. % or less than 17.5 thousand.

At the same time, the number of apart-hotels increased by 1.2%, or 8.5 thousand, to 717.5 million, due to the increase in 5-star hotels by 6.7%, or 6.6 thousand, to 104.9 thousand, and 4-star, by 5.4 thousand% or 26.4 thousand to 519.9 thousand.

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Overnight stays in tourist apartments also increased by 3.2%, or 13.6 thousand, to 437.8 million, local accommodation, by 0.6%, or 5.5 thousand, to 901.2 thousand, and , primarily tourism in rural areas and housing, with an increase of 45.2% or 67.3 thousand to 216.5 thousand people.

The INE data also shows that Portuguese tourist sites were the best in October in terms of overnight stays this year, with peaks achieved by 5-, 4- and 3-star hotels, 5- and 4-star apartment hotels, accommodation . and rural tourism and housing development.

See also:

The US market is already setting new annual records in Portuguese hotels

The Portuguese hospitality industry experienced the best October in terms of number of guests and overnight stays.

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Government approves strategy to combat “Portuguese underrepresentation” in Brussels

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Government approves strategy to combat "Portuguese underrepresentation" in Brussels

This afternoon the Council of Ministers will approve a national strategy to combat what it considers “underrepresentation de Portugal” in European institutions, in particular the European Commission.

“There is a significant shortage of Portuguese, especially those working for the Commission,” explains the Secretary of State for European Affairs in statements to Renaissance🇧🇷 The problem, according to Thiago Antunes, is not limited to middle management: “This is the first time Portugal does not have a CEO in the European Commission”.

The government wants to “correct this imbalance and fight this deficit in order to win.”ability to influence in decisions.” But it is not possible to increase the number of vacancies for the Portuguese, if only because there are no national quotas for employees working in institutions.

To go to Brussels or even work in Portugal on a full-time basis, you need to pass a series of tests prepared by EPSO (European Personnel Selection Office). 🇧🇷These are very difficult competitions.with very concrete evidence,” the official explains.

The strategy will be based on several pillars: training, increasing grants and encouraging the mobility of civil servants. The Portuguese government is going to create a national training center to “better prepare our candidates for competitions”; to bet on “dissemination of opportunities; increase the balls (by quantity and value); and create a statute that allows those who work in the public administration of Portugal to move into the European public administration.

The aim is to achieve “greater representation” in the European Commission in order to have “greater influence” on the decision. Although the strategy is to strengthen the Portuguese presence in Brussels and the employees do not work for Portugal.it doesn’t matter that they are portuguese“, he defends.

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Fruits may not appear early or may not even be measurable. “It will take some time until we see results,” admits the former secretary of state to the prime minister. But the wait does not stop the Portuguese government. “We have to start right now,” Thiago Antunes insists, pointing to the demographic problem among those working in Brussels. “There are a lot of Portuguese who came in at the time of our accession and are now retiring.”

The strategy aims to reverse the cycle of loss of Portuguese representation among the 27. The diploma will be approved this Wednesday in the Council of Ministers.

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“His manager is Portuguese and…”; The agent changes plans, and Luis Castro “arranges” the problem in the protection of “Botafogo”

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"His manager is Portuguese and...";  The agent changes plans, and Luis Castro "arranges" the problem in the protection of "Botafogo"

Botafogo

The defender must return from loan ahead of schedule, and the Glorioso coach will have to make a decision at the beginning of the preseason.

Photo: Jorge Rodriguez/AGIF.  First, Luis Castro does not have Diego Loureiro for 2023.
Photo: Jorge Rodriguez/AGIF. First, Luis Castro does not have Diego Loureiro for 2023.

With the end of the season Botafogo its reformulation is already underway with the participation of Luis Castro. Names like Carlinhos, for example, have already left General Severiano, but there is a tendency for the “purge” to continue a little longer. Especially with the return of borrowed athletes during the year.

goalkeeper case Diego Loureiro, who played on loan at Atlético GO, promoted to Serie B. Curiously, the Botafogo archer has a contract at Goiania until the end of 2023, but Dragao president Adson Batista is pessimistic about the player’s consistency.

“Diego Loureiro is a bit off because he still has a contract with Botafogo, his manager is Portuguese and he has a different vision.” said the director in an interview with radio Sagres from the capital of Goiás.

The goalkeeper played only two games for Atlético-GO, who were betting on Renan in the starting lineup. If he returns to Rio, Loureiro will likely see high competition in the black and white net as Luis Castro now has alternatives to Gatito Fernandes and Lucas Perry.

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