The Japanese economy really took a pounding from the coronavirus pandemic, and in August last year the country reported its biggest economic slump on record. Japan saw a 27.8% drop in GDP in 2020 compared to 2019, its biggest slump on record. However, unlike many neighbouring Asian countries Japan was already suffering from a sluggish economy before the crisis due to an increased sales tax of 10% and the aftermath of Typhoon Hagibis. GDP PPP per capita has increased by 5.5% since last year and is on-track to continue a gradual incline over the next five years, according to IMF data.