The World Economy in 2004 |
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JapanJapan's economy had barely grown for a decade, the worst performance of any rich country since the Great Depression. Both unemployment and public debt levels had doubled over the past ten years. Between 1997 and 2002, Japan's economy had shrunk in nominal terms from Y523 trillion to Y500 trillion (Economist, September 27, 2003). The subsequent recovery had been tentative and economists doubted whether sustained growth was round the corner...
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