Japan's economy shrank by 5.1% in the first quarter, government data showed, putting the world's third-largest economy again at risk of falling into recession.
Where it stands: With Japan's economy shrinking by more than expected in Q1 and at risk for another contraction in Q2, the global recovery theme looks to be at risk.
Already, the European Union said its economy shrank by nearly 2% year over year in Q1 and by 0.4% from the fourth quarter of 2020.
India also is facing tremendous growth challenges as a result of the coronavirus pandemic.
What it means: Three of the world's five largest economies are facing significant challenges at the start of what was supposed to be a breakout year for global economic recovery after 2020's malaise.
