Their average rate of growth almost reached minus 4 percent in 2009; though their subsequent growth became positive, it has remained modest (Chart 6). In Japan, the average growth rate in the pre-crisis period reached 1.5 percent, but it dropped to minus 1 percent following the crisis. In particular, its economic activity plunged by 5.5 percent in 2009.
Japan managed to achieve a 4.4 percent growth rate the following year, but the country then suffered further blows in 2011: the Great East Japan Earthquake and flooding in Thailand caused serious damage to supply chains in the manufacturing sector mainly through a sharp curtailment of production and exports.