Japan says economy shrink 3.3 percent this fiscal year, worst since World War II

October 1st, 2009 ISTANBUL - The world economy has pulled out of its worst recession since World War II and will stage a sluggish recovery in the coming year, the International Monetary Fund (IMF) said in an economic forecast released Thursday. But the IMF warned the recovery was largely due to massive public spending by governments.

September 7th, 2009 NEW DELHI - The Indian economy could grow by 5 percent this year even as the world output is slated to decline by 2.7 percent, a report said Monday. "Since domestic demand accounts for a large and increasing share of total demand, South Asia, particularly India, is expected to see continued growth in 2009," said the trade and development report, 2009, of the United Nations Conference on Trade and Development (UNCTAD).

July 8th, 2009 WASHINGTON - The world is beginning to pull out of its first recession since World War II, the International Monetary Fund said Wednesday. In an updated economic forecast, the IMF said the global economy was already stabilising, the financial crisis has eased and the recession will end in the second half of this year.

June 22nd, 2009 World Bank cuts 2009 global growth forecastBEIJING — The World Bank has cut its 2009 global growth forecast, saying the world economy will shrink by 2.9 percent and warning that a drop in investment in developing countries will increase poverty. "The global recession has deepened," the Washington-based multilateral lender said in a report.

June 16th, 2009 TORONTO - The worst is over for the global economy and a recovery is likely to begin later this year, says a bank report released here Monday. The global economic crisis has bottomed out and positive indicators have begun to emerge, said the report by the Royal Bank of Canada which is the top bank in the country.

May 12th, 2009 Australian economy forecast to grow in 2010-11CANBERRA, Australia — Treasurer Wayne Swan says the Australian economy is forecast to shrink half a percentage point in the next fiscal year then rebound to 2.25 percent growth in the following 2010-11 fiscal year. Swan revealed the current Treasury forecasts Tuesday as he released his government's budget for the next fiscal year beginning July 1, 2009.

May 9th, 2009 KOLKATA - The worst is over for the Indian economy and credit has again started flowing into key sectors, O.P. Bhatt, chairman of the country's largest lender State Bank of India (SBI), said here Saturday.

May 4th, 2009 EU says Europe faces deep and widespread recessionBRUSSELS — The European Union says Europe faces a "deep and widespread recession" and that unemployment will rise sharply over the coming two years. It says both the 27-nation EU and the 16 countries that use the euro currency will shrink 4 percent this year, way more than its previous forecasts.

April 28th, 2009 China says it is transparent about nuclear weaponsBEIJING — China said Tuesday that it is completely transparent about its nuclear arsenal and dismissed a call by Japan for more information ahead of a visit by the Japanese prime minister. China's Foreign Ministry spokeswoman Jiang Yu told reporters China supports international nuclear disarmament efforts and had made "unremitting efforts" for a ban of nuclear weapons.

April 27th, 2009 Japan says economy to shrink 3.3 percent this yearTOKYO — Japan's economy is likely to shrink 3.3 percent this fiscal year, its worst contraction since World War II, the Cabinet announced Monday as it submitted a massive supplementary budget to finance a new stimulus package. "Exports and production are falling drastically, while employment conditions are rapidly worsening.

April 27th, 2009 TOKYO - The Japanese government Monday announced the steepest-ever downward projection of the nation's economic growth as the world's second-largest economy suffers its worst recession in postwar history. The Cabinet Office said the nation's economy would contract 3.3 percent for the current fiscal year that began April 1, revising downward from zero growth it predicted in December.

April 27th, 2009 Japan says economy to 3.3 percent this yearTOKYO — The Japanese government said Monday the economy is likely to shrink 3.3 percent this fiscal year, its worst contraction since World War II, as exports continue to plummet. "The global economic crisis and economic downturn is increasing in severity, and Japan's export market is rapidly shrinking," the Cabinet Office said in a statement.

April 22nd, 2009 IMF says euro zone to shrink 4.2 percent this yearLONDON — The International Monetary Fund is warning that the countries using the euro currency will see their economies shrink 4.2 percent this year. It says next year will be tough as well but that the economy should start bouncing back sometime in 2010.

February 15th, 2009 TOKYO - Japan's economy contracted at an annual pace of 12.7 percent in the October-to-December quarter, its worst drop since the oil crisis 35 years ago, amid a record decline in exports, the government said Monday. The contraction in the world's second-largest economy was larger than economists had expected and came amid a 13.9 percent drop in exports, due to recessions in the US and Europe that cut demand for Japanese cars and electronics.

February 11th, 2009 NEW DELHI - The Indian economy will grow by 7 percent this fiscal even as recent projections by global agencies like the International Monetary Fund (IMF) say that advanced countries' economies would shrink by 2 percent, Minister for External Affairs Pranab Mukherjee said here Thursday. 'I am proud to say that in 2008-09 India will still grow by 7 percent,' said Mukherjee while addressing the 81st annual general meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI).