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Japanese Foreign Minister says global economy heading for ‘worst crisis since World War II’

20 April 2020 15:43 (UTC +04:00)

The COVID-19 pandemic has resulted in the global economy facing the most severe crisis since World War II, according to Japanese Foreign Minister Toshimitsu Motegi, APA reports citing Sputnik.

“The impact on the international economy, as well as the Japanese economy, is extremely serious; the global economy is facing its most severe crisis since the war," Motegi was quoted by Kyodo News agency as saying.

Motegi's comments come ahead of an unprecedented 117 trillion Yen ($1 trillion) coronavirus stimulus package set to be endorsed by Prime Minister Shinzo Abe's cabinet.

A revision of the government's initial plan of 108 trillion yen, approved earlier this month, the rescue package includes direct payments to citizens and a bailout of struggling businesses among other measures, as a nationwide state of emergency was declared in Japan last week until at least 6 May.