OECD Economic Outlook, Volume 2009 Issue 2
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Japan
The severe recession triggered by the global crisis has bottomed out, thanks in part to a rebound in exports, although production remains well below capacity. In addition, fiscal stimulus is partially offsetting the impact of falling employment and wages on domestic demand. Growth is projected to pick up gradually to around 2% in 2011, due in part to the new government’s plan to increase public spending. Nevertheless, the unemployment rate is likely to stay around 5½ per cent through 2011 and deflation will persist.
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