The Japanese economy has officially entered recession for the first time since 2001, after the release of figures on Monday showing a second quarter of negative GDP growth. The data not only showed an annualised contraction of 0.4 percent for the July-September period, but revised the contraction for the April-June quarter from 3 percent to 3.6 percent.
Japan, the world’s second largest economy, is the latest country to sink into recession. Last week, Hong Kong, Germany and Italy, as well as the eurozone as a whole, all announced a second consecutive quarter of negative growth. The United Kingdom and the US are expected to follow with gloomy predictions for the last quarter of 2008.
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