Japan's Unexpected Recession Adds To Global Economic Fears
Japan's surprising slip into recession is just the latest worrying sign that global growth is slowing.By Matt Picht | November 17, 2014
Following a surprise second-quarter decline, Japan's economy is officially in recession. Now, economists are trying to figure out what the unexpected slip means for the country and the world.
Japan's GDP shrank by 1.6 percent in the third quarter, following a revised 7.1 percent drop in the previous period. The news came as a shock to most analysts, who expected the economy to rebound with 2.25 percent growth.
There's no question the new numbers are bad news for Japanese Prime Minister Shinzo Abe and his trademark economic reform plan, known as "Abenomics."