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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Bleak data from Asia, Europe ahead of G20 meeting AFP - Friday, March 13 TOKYO (AFP) - - Japan reported its worst economic showing in 35 years Thursday and China, Australia and Germany unveiled further bleak data, piling pressure on top finance ministers about to meet for anti-crisis talks. ADVERTISEMENT The Japanese economy, the world's largest, shrank 3.2 percent in the fourth quarter, the government announced, as demand for the country's trademark autos and electronic goods shrivelled in a global recession. Compared with fourth quarter 2007 output was down 12.1 percent, the weakest quarterly outcome since 1974. "Exports fell off a cliff in the fourth quarter," said David Cohen, director of Asian economic forecasting at Action Economics in Singapore. In 2009, the Japanese economy is likely to shrink 5.7 percent, "which would be the worst year since the Second World War," he added. The country's recovery from recession in the 1990s was driven almost entirely by brisk exports, a prop on which Japan can no longer count. "At the moment, there's no light at the end of the tunnel," said Graham Davis, director of the Economist Intelligence Unit in Tokyo. "Until international demand recovers, Japan will stay in this funk." China meanwhile said its industrial production had slowed dramatically while Germany, the biggest economy in Europe, disclosed that output plunged a much sharper than expected 7.5 percent in January from December. China, also heavily export-dependent, said factory production grew 3.8 percent year-on-year in January and February, compared with 15.4 percent growth for the same period in 2008. In Berlin, the overall German production performance in January was more than twice as bad as analyst forecasts for a fall of 3.3 percent in January after December's drop of 3.9 percent. The labour market was also under heavy pressure Thursday, with Australia reporting that its jobless rate hit a four-year high of 5.2 percent in February, which it attributed to the "global economic cyclone." Sweden's beleaguered auto maker Saab, struggling to stay afloat and virtually abandoned by its parent company, General Motors, unveiled plans to lay off 750 of its 4,100 workers in the country. Another iconic European car maker, BMW of Germany, shocked investors with an announcement that its 2008 net earnings had plunged 89.5 percent, notably because of a net loss in the fourth quarter. With the global economy in a shambles, finance ministers and central bankers from the Group of 20 nations were to convene in London on Saturday for an anti-crisis session already threatened by a rift between the United States and the European Union. The discord centers on whether vigorous stimulus spending, as advocated by Washington, or tougher regulation of financial markets, favored by the European Union, offers the best route out of the crisis. US President Barack Obama on Wednesday called for a two-pronged G20 effort to fix the global economy, stressing both stimulus measures and regulatory reforms. "We've got two goals in the G20," Obama said at a joint media appearance with Treasury Secretary Timothy Geithner. The White House has nevertheless been pressing for more spending by G20 countries after enacting a 787-billion-dollar (615-billion-euro) stimulus scheme that far exceeds the 400 billion euros committed by the 27 EU nations. After a meeting of eurozone finance ministers this week, their chairman Jean-Claude Juncker of Luxembourg rejected the US calls for more pump-priming, declaring they "do not suit us." Britain is 2009 chair of the G20, which groups 19 developed and developing countries plus the European Union. The Saturday talks are a precursor to a G20 summit in London on April 2. European and Asian stock markets were mostly lower Thursday, with Tokyo's broad index sinking to a 25-year low on profit-taking, following recent strong gains on signs of recovery for the financial sector. "Any thought that confidence was beginning to return after Tuesday's move (sharply higher) now seems wide of the mark and the growing uncertainty surrounding the financial system now continues its drag on anything positive," said CMC Markets trader Ian Griffiths. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Most Popular – Top Stories Viewed For sale: nagging wife, very high maintenance Global airlines warn of stormy 2009 Chimp used planning skills to attack humans Space junk sparks crew scare on ISS German industrial slump stuns analysts View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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