The Tokyo Olympic and Paralympic Games are to be postponed for about a year due to the corona virus pandemic. The delay is disappointing for the construction industry which contributed to the successful completion of the athletic facilities in time for the event. Though many support the inevitable decision, the industry fears the spread of the disease would have a great impact on the economy and the market in the future.
Prime Minister Shinzo Abe and the International Olympic Committee president, Thomas Bach agreed on March 24 for the games to be delayed until summer 2021. Tokyo Governor Yuriko Koike said in the next morning that the preparation and adjustment would be enormous work to be done though she was also relieved at the news.
Construction contractors are paying close attention to the economic prospects. Some construction company executive expressed their concern for the economy after 2021 because “the impact on the industry would usually appear one or two year later.” Takashi Yamauchi, President of the Japan Federation of Construction Contractors said in a statement on March 25 “it was the best decision not to cancel but to postpone.”He also requested the government to take precise measures to tackle the economic recession due to the pandemic including bold and flexible spending on public construction works. (2020/03/26)