This will support continuing growth in domestic demand resulting from the more expansionary monetary policy since the beginning of 2001 and a fiscal stimulus, largely in the form of planned rises in general government spending. Growth for 2002 is expected to average 2 per cent. 5. Japan  Japan continues to experience recession – the most severe of the past decade.
However, the increasing economic activity in the United States and Asian economies has led to an increase in Japanese exports. This increase in exports, which accounts for about 10 per cent of the economy, recently prompted the Bank of Japan to raise its assessment of the economy for the second straight month – the first back-to-back upgrade in 19 months.