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Japanese economy now in recession
Japan’s economy has entered its first recession since 2001 after shrinking by 0.1% in the third quarter.
The world’s second-biggest economy had previous shrunk by 0.9% in the April to June quarter.
“The downtrend in the economy will continue for the time being as global growth slows,” said Japanese Economy Minister Kaoru Yosano.
The eurozone officially slipped into recession last week, and the US is expected to follow.
“We need to bear in mind that economic conditions could worsen further as the US and European financial crisis deepens, worries of economic downturn heighten and stock and foreign exchange markets make big swings,” Mr Yosano added. more
| Country | GDP growth | Inflation | Unemployment | Stock market decline | Gallon of gas | Interest Rates |
|---|---|---|---|---|---|---|
| Brazil | 5.23% | 5.74% | 7.70% | -44.16% | $5.83 | 13.75% |
| China | 9.74% | 6.43% | 4%* | -64.92% | $3.48 | 6.66% |
| Germany | 1.85% | 2.94% | 7.43% | -41.12% | $8.58 | 3.25% |
| Iceland | 0.30% | 12.12% | 2.20% | -45.81% | $7.54 | 18.00% |
| India | 7.93% | 7.93% | 7.80% | -51.48% | $4.95 | 7.50% |
| Japan | 0.69% | 1.57% | 4.05% | -42.45% | $5.78 | 0.30% |
| Russia | 7.00% | 14.03% | 5.90% | -65.53% | $3.93 | 11.00% |
| Saudi Arabia | 5.85% | 11.45% | 13%
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