“Japan today released truly shocking GDP data for the fourth quarter of 2008, the Japanese economy contracted by 3.3% which equates to an annualised rate of 13.2% which is on par with magnitude of contraction that is associated with an economic depression. All exporting countries are experiencing a crash in exports which fell by 14% in the quarter, as western consumers stop buying and start saving. Japans industrial plunged by nearly 10% in December 2008, down 20% on the year earlier.”
Posted by: João | February 16, 2009
Japan’s Economy Collapses into Economic Depression
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