Tokyo  - Amidst an unprecedented decline in exports, Japan's economy shrank drastically in the most recent quarter at an annualized rate of 12.7 per cent, the hardest drop in 35 years.

The government released the information as part of its initial estimate of Gross Domestic Product (GDP) growth between October and December 2008.

Exports dropped 13.9 per cent, pulled down by the global economic crisis and plunging demand for Japanese cars and electronics.

Tokyo - Amidst an unprecedented decline in exports, Japan's economy shrank drastically in the most recent quarter at an annualized rate of 12.7 per cent, the hardest drop in 35 years.

The government released the information as part of its initial estimate of Gross Domestic Product (GDP) growth between October and December 2008.

Exports dropped 13.9 per cent, pulled down by the global economic crisis and plunging demand for Japanese cars and electronics.

Rome - Finance ministers and central bankers from the Group of Seven (G7) most-industrialized nations ended talks Saturday with a pledge to re-establish confidence in the stricken global financial system and to stimulate a world-wide economic recovery.

A concluding statement after the gathering in Rome also renewed a committment to avoid protectionist measures.

"An open system of global trade and investment is indispensable for global prosperity," the statement said.

Hong Kong  - The economic slump has cost Hong Kong around 10,000 jobs so far and unemployment will continue to rise in the months ahead, the territory's labour secretary said Saturday.

Matthew Cheung said it was "difficult to predict" when the city's jobless rate would peak and said there would be further pressure on the labour market when graduates leave schools in May.

Rome - Economy ministers and central bankers from the Group of Seven (G7) most-industrialized nations resumed talks Saturday morning and moved towards a committment to re-establish confidence in the stricken global financial system.

The gathering in Rome began on Friday evening and was scheduled to end Saturday afternoon with a joint statement and closing news conferences.

Amman  - Arab stock markets are expected to be "relatively stable" in the coming weeks as ambiguity dominates the world's leading economies, financial analysts said Friday.

"We expect regional markets to be relatively stable in the coming couple of weeks as ambiguity characterizes world markets and plans taken by the US and other Western governments to handle the rampant recession," Nizar Taher, head of brokerage at the Jordan Ahli Bank, told Deutsche Presse-Agentur dpa.