Wednesday , 28 September 2022
Breaking News
Home » World » Asia-pacific » Japan in Recession!

Japan in Recession!

Japan is officially in recession. The devastating Earthquake and Tsunami has pushed Japan into worst stage of recession.

The technology boom Japan was the one of the few countries that  battled out the 2008/2009 recession thereby giving hope for the other countries to battle out recession.

However, Japan has become the first country to enter Recession this year 2011.

According to the Cabinet Office, Gross domestic product shrank 0.9% in the first three months of the year,  giving an annualised rate of contraction of 3.7%. The contraction in the first three months of this year was bigger than expected, with most analysts expecting the annualised rate would show a contraction of about 2%.

“Japan’s economy is expected to remain weak for the time being,” said Japanese Economics Minister Kaoru Yosano on Thursday.

However, Mr Yosano said that supply constraints were easing and reconstruction demand was likely to spur growth.

“The economy has the strength to bounce back,” Mr Yosano said.

Img Src:

Related stories:

French Open Final:Italy’s Francesca Schiavone wins
"Our Jobs will Stay With us",US President Barrack Obama
Warren Davis: Johns Hopkins Hospital Gunman
Ireland Scripts History in ICC World Cup 2011
(Video) CBS Television Network features Albert Pujols on 60 Minutes
Coca Cola and Pepsi settle their fruit juice package suit
Vampire Bat kills man!
US to destroy its most Powerful Nuclear Bomb B53