Japan’s economy shrunk by stunning annualised 15.2% rate in the first quarter - - the worst contraction since 1955; Growth may have returned in current quarter
May 20th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Japan’s economy shrunk by a record 4.0 per cent quarter-on-quarter in the first three months of 2009 as domestic demand declined and exports plunged, official data published on Wednesday shows. The quarterly fall was equivalent to a stunning 15.2 per cent annualised contraction - - the worst since 1955 - - but recent signals of recovery give cause for hope and growth may have returned in the current quarter.