The double-dip recession has arrived for Japan, the non-oil Middle East and Portugal. And while the March 11th earthquake deepened the latest quarter’s economic decline in Japan, it does not explain the revision of Q4 GDP last year to minus three per cent.
Portugal has collapsed under the weight of austerity measures to meet debt reduction commitments. In the non-oil Middle East the recession is worst of all with political instability bringing key economic sectors like tourism grinding to a halt and also hitting almost everything else.
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