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World's second largest economy climbs out of recession

Video by FRANCE 24

Text by NEWS WIRES

Latest update : 2009-08-17

Growth of 0.9 percent in the second quarter of 2009 has pulled Japan out of a year-long recession, according to government data. The recovery was attributed to a rebound in exports and Tokyo's stimulus measures.

AFP - Japan's economy has grown for the first time in more than a year, climbing out of its worst recession in decades thanks to rebounding exports and government stimulus measures, data showed Monday.
  
The world's second largest economy expanded by 0.9 percent in the three months to June from the previous quarter, returning to positive growth for the first time in five quarters, the government reported.
  
Japan's gross domestic product grew at an annualised pace of 3.7 percent in April-June, the Cabinet Office said.
  
Japan follows Germany and France in exiting recession in the second quarter.
  
Japan's economy is expected to keep growing through the rest of 2009, said Barclays Capital economist Kyohei Morita.
  
"However, this is still a recovery underpinned by government policy measures and far from a self-sustaining turnaround accompanying improvements in capital expenditure and employment," he warned.
  
"We believe the next test for the economy will come in January-March 2010, when the effects of recent stimulus measures are likely to (have) run their course."
  
Japan plunged into recession in the second quarter of 2008 as a severe global downturn crushed demand for its cars, electronics and other exports.
  
While Japan's recession is technically over, analysts warn that major risks remain, notably from rising unemployment and renewed deflation.

Date created : 2009-08-17

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