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| Version 1 | Version 2 |
|---|---|
| East Asia nations hit by downturn | East Asia nations hit by downturn |
| (20 minutes later) | |
| China and South Korea have announced sharp falls in economic growth, in a further sign of the financial crisis sweeping through east Asia. | China and South Korea have announced sharp falls in economic growth, in a further sign of the financial crisis sweeping through east Asia. |
| China said its GDP fell to 6.8% in the final three months of 2008, from 9% in the previous quarter. | |
| South Korea said its economy shrank by 3.4% in the last quarter of 2008 compared with the year before. | South Korea said its economy shrank by 3.4% in the last quarter of 2008 compared with the year before. |
| Meanwhile, Japan reported that its exports plummeted 35% last month - the sharpest fall on record. | Meanwhile, Japan reported that its exports plummeted 35% last month - the sharpest fall on record. |
| 'Economic emergency' | 'Economic emergency' |
| The latest data on China's economic performance was announced by the country's statistics bureau. | The latest data on China's economic performance was announced by the country's statistics bureau. |
| It said the economic slump in the last three months of 2008 dragged down the pace of expansion for all of the year to 9%. | It said the economic slump in the last three months of 2008 dragged down the pace of expansion for all of the year to 9%. |
| It said it was the slowest annual growth in the world's third-largest economy since 2001. | It said it was the slowest annual growth in the world's third-largest economy since 2001. |
| "The international financial crisis is deepening and spreading, with continuing negative impact on the domestic economy," Ma Jiantang, who heads China's statistics bureau, said. | "The international financial crisis is deepening and spreading, with continuing negative impact on the domestic economy," Ma Jiantang, who heads China's statistics bureau, said. |
| In South Korea, the economy contracted by 3.4% in the last quarter of 2008 - its worst performance in more than a decade. | In South Korea, the economy contracted by 3.4% in the last quarter of 2008 - its worst performance in more than a decade. |
| South Korean President Lee Myung-bak has already warned that his country was facing a state of "economic emergency". | South Korean President Lee Myung-bak has already warned that his country was facing a state of "economic emergency". |
| And in Singapore, the government has predicted a contraction of between 2% and 5% in the economy this year. | And in Singapore, the government has predicted a contraction of between 2% and 5% in the economy this year. |