Jap economy slides into recession

Japanese economy unexpectedly shrank for the 2nd consecutive quarter, plunging the world’s 3rd largest economy into recession. GDP fell at an annualised 1.6% from July to Sept, against a forecast 2.1% rise. This followed a revised 7.3% shrivelling in the second quarter. The weak showing could delay a sales tax rise, with PM Abe relying on calling for snap polls to seek fresh mandate to delay an tax increase to 10%. The tax hike was legislated by the previous government to curb Japan’s huge public debt, highest in the developed world. The recession is being watched closely by Asian countries including India. Meanwhile, according to Bloomberg, European economies too are stuttering.

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