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A substantial slow down in Japan’s economy does not bode well for domestic economic conditions.
Japan’s GDP shrank at an annualised rate of 12.7 per cent in the final three months of 2008 it revealed yesterday – the country’s worst result since 1974.
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With Japan being Australia’s largest export market the news is not good for export volumes and revenue.
Wayne Swan said the result highlighted the seriousness of the global recession.
“This is a sobering backdrop for the Australian economy as the Rudd government seeks to do everything we can to cushion the impact of the global downturn will have here,” he said, The Australian reported today.
