SkipCaptcha, Automoderated users, edit
2,275
edits
Changes
→Worldwide crisis: mv img
==Worldwide crisis==
==Worldwide crisis==
The crisis is worse in many other countries, which means they are dragging down the US economy and cannot be expected to be the engine to restore prosperity. Japan’s economy, the world’s second largest after the U.S., is deteriorating rapidly because of shrinking exports and weak domestic spending. Japan's GDP shrank at an annual rate of 12.7% in the fourth quarter of 2008, and the downward plunge shows no sign of reversal.
The crisis is worse in many other countries, which means they are dragging down the US economy and cannot be expected to be the engine to restore prosperity. Japan’s economy, the world’s second largest after the U.S., is deteriorating rapidly because of shrinking exports and weak domestic spending. Japan's GDP shrank at an annual rate of 12.7% in the fourth quarter of 2008, and the downward plunge shows no sign of reversal.
Japan's exports to the U.S. and other areas are down sharply, causing massive layoffs at companies like Nissan, Toyota, Panasonic and Sony. Capital spending on tools and factories has fallen as companies halted production lines and cut investment. Consumer spending has stalled as Japanese households reduced spending amid the large-scale layoffs. The government has promised a huge bailout package on the order of 50 trillion yen ($545 billion), but has been unable to get it passed in parliament.<ref>Hiroku Tabuschi, "Japan’s Economy Plunges at Fastest Pace Since ’74," [http://www.nytimes.com/2009/02/16/business/worldbusiness/16yen.html?ref=business ''New York Times'' Feb. 15, 2009] </ref>
Japan's exports to the U.S. and other areas are down sharply, causing massive layoffs at companies like Nissan, Toyota, Panasonic and Sony. Capital spending on tools and factories has fallen as companies halted production lines and cut investment. Consumer spending has stalled as Japanese households reduced spending amid the large-scale layoffs. The government has promised a huge bailout package on the order of 50 trillion yen ($545 billion), but has been unable to get it passed in parliament.<ref>Hiroku Tabuschi, "Japan’s Economy Plunges at Fastest Pace Since ’74," [http://www.nytimes.com/2009/02/16/business/worldbusiness/16yen.html?ref=business ''New York Times'' Feb. 15, 2009] </ref>