Recession sinks deeper

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Washington, Dec 25: United States and Britain sinks into deeper recession, revealed Bleak Housing Data. Even Japan has hit its worst recession since World War Second.

Japan's govt on Wednesday, Dec 25 approved its biggest-ever budget to revive its economy while US President-elect Barack Obama sought to clinch a deal with congressional lawmakers on a massive stimulus package even before the Christmas Day.

"Japan cannot avoid the tsunami of the world recession, but it can try to find a way out," Japanese Prime Minister Taro Aso said announcing the budget. "The world economy is in a once-in-a-hundred years recession. We need extraordinary measures to deal with an extraordinary situation," he said.

A record drop in United States existing home sales and prices last month reported on Tuesday, Dec 23 showed the world's biggest economy was on track for what one could be the longest downturn since the World War Two.

OneIndia News (With inputs from Agencies)


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