AFP
HONG KONG (AFP) — Japan on Wednesday posted a record trade deficit and Hong Kong said its economy would shrink by up to three percent in 2009 as recession woes deepened across Asia.
US President Barack Obama meanwhile unveiled plans to help pull the world's biggest economy out of recession, but admitted the government would have to spend even more to save the country's troubled banks and ailing auto companies.
Crumbling exports have also undermined Germany, where the statistics office confirmed that the economy, Europe's largest, contracted 2.1 percent in the fourth quarter.
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