Japan economy unlikely to grow next year
Wednesday, 19 November 2008
TOKYO, Nov 18 (AFP): Japan's economics minister said today he has "no confidence at all" that the world's second largest economy will grow next year.
"In reality we see few factors that would contribute to positive growth" in the fiscal year starting next April, Economic and Fiscal Policy Minister Kaoru Yosano told reporters.
"If I judge what is happening honestly, I have no confidence at all now that there will be positive growth," he said, a day after official figures showed Asia's biggest economy is in recession.
The government has never before predicted a contraction for the upcoming year in its annual economic outlook report, which is published each December. The worst-ever forecast was for zero growth in fiscal 2002.
"In reality we see few factors that would contribute to positive growth" in the fiscal year starting next April, Economic and Fiscal Policy Minister Kaoru Yosano told reporters.
"If I judge what is happening honestly, I have no confidence at all now that there will be positive growth," he said, a day after official figures showed Asia's biggest economy is in recession.
The government has never before predicted a contraction for the upcoming year in its annual economic outlook report, which is published each December. The worst-ever forecast was for zero growth in fiscal 2002.