Special Report: Global Financial Crisis

    TOKYO, April 27 (Xinhua) -- The Japanese government on Monday downgraded its economic projection from a previously estimated zero growth to a shrinkage of 3.3 percent for fiscal 2009.

    The government revised downward the economic growth forecast to the lowest level in the postwar era as Japan's economy "has been deteriorating at an unprecedented speed" amid the ongoing financial crisis, the cabinet office said.

    In fiscal 2009 ending March 31, 2010, exports are projected to plunge 27.6 percent year-on-year, down from a 3.2 percent decline predicted in December while business investment is revised downward from a 4.2 percent fall to a record plunge of 14.1 percent.

    Private consumption, however, is predicted to have a 0.3 percent growth in fiscal 2009 after falling 0.3 percent in fiscal 2008.