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Japan forecasts no growth in 2009 | Japan forecasts no growth in 2009 |
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Japan's government has forecast that the country's economy will have zero growth in the year ending March 2010. | |
It is the first projection from the government of no growth in the gross domestic product in seven years. | It is the first projection from the government of no growth in the gross domestic product in seven years. |
It follows a revised projection for the current fiscal year that the economy will shrink by 0.8%, instead of the 1.3% growth forecast in July. | It follows a revised projection for the current fiscal year that the economy will shrink by 0.8%, instead of the 1.3% growth forecast in July. |
A survey earlier this week indicated business confidence in Japan was at its lowest in 34 years. | A survey earlier this week indicated business confidence in Japan was at its lowest in 34 years. |
Many analysts believe Japan's central bank might cut its already low interest rate of 0.3% to boost the economy. | Many analysts believe Japan's central bank might cut its already low interest rate of 0.3% to boost the economy. |
Last week the government increased its economic stimulus plan by 23 trillion yen ($255bn; £171bn). | Last week the government increased its economic stimulus plan by 23 trillion yen ($255bn; £171bn). |
The world's second-largest economy - and Asia's largest - shrank by an annualised rate of 1.8% in the third quarter. | The world's second-largest economy - and Asia's largest - shrank by an annualised rate of 1.8% in the third quarter. |
Japanese exporters have been suffering amid the global financial downturn and the yen's surge to a 13-year high. | Japanese exporters have been suffering amid the global financial downturn and the yen's surge to a 13-year high. |