Apr 27th, 2009 - guardian.co.uk
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The Japanese economy is expected to shrink by 3.3% this year, the government said today, confirming fears that the world's second biggest economy is heading for its worst postwar slump.
"The global economic crisis and economic downturn is increasing in severity, and Japan's export market is rapidly shrinking," the country's cabinet office said.
Collapsing exports and plunging corporate investment have forced officials to dramatically revise their outlook, just four months after the government forecast that domestic growth for 2009 would remain flat.
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