Japan has sunk into Depression with annual GDP falling 12.7% from December 2007 to December 2008. This is Japan’s worse result in 35 years and has prompted economists to fear the worse for Australia’s chances of staying out of recession.
“That in turn, I think, will make it very difficult for Australia to avoid a recession”, said AMP Capital’s chief economist Shane Oliver.
» Japan plunges into depression – The Age, 17th February 2009.
» Australian economy to sink with Japan: economist – The ABC, 17th February 2009.