1.
U.S. markets recover from steep losses
TOKYO, Dec. 18 (UPI) -- Japan, facing recession, got more gloomy news Friday when the government projected zero GDP growth next year, the first such forecast in seven years.
The Cabinet Office projected a decline of 0.8 percent in the current fiscal year ending in March, a downward revision from the 1.6 growth projected in July.
Instead of zero growth, Japan's private-sector think tanks have forecast negative growth for next year, Kyodo news service reported.
The government, however, is hoping its stimulus package, totaling about 75 trillion yen ($839 billion) thus far, would keep next year's growth rate flat.
The Japanese economy, the world's second-largest after the United States, has been hit by the global economic slowdown, which has affected overseas as well as domestic demand for Japanese products.
Speaking to his Cabinet, Prime Minister Taro Aso said the economy is facing "severe conditions," Kyodo reported.
The Cabinet Office expects the jobless rate to rise to 4.2 percent in fiscal 2008 and 4.7 percent in fiscal 2009.
|
|
|
|
|
|
| Additional Business News Stories | |
DAMASCUS, Syria, May 24 (UPI) --
The Syrian government has lost about $4 billion since September because of sanctions placed on oil exports, the country's petroleum minister said.
|
LISLE, Ill., May 24 (UPI) --
A new special operations tactical vehicle has been unveiled by three U.S. companies.
|
First-time buyers are driving the expectations that a recovery has begun. Their numbers and market share are growing despite financing roadblocks and competition with investors for entry-level homes. ...
|
It is a whole new ball of wax in Europe these days.
|
| Stories | Photos | People | Comments |
View Caption
