The Japanese economy seems unable to pull out of a two-year recession, and corporate profits are in a nose dive, one much worse than had been expected.

Bond, who ran the UK's second largest supermarket chain for five years, forecast a two-year "retail recession" earlier this week.

Industry, emerging from a two-year recession, has been praying for plentiful rains as it chases an eight percent growth target set for it by Singh.

In general, the margin between running costs and profit in the current two-year recession has become increasingly narrow.

The Clinton Administration has also argued against the plan, saying it would stifle the chances of recovery from the two-year recession.

Industrywide, the two-year recession has caused the earnings of steelmakers to slide from their peak in 1989.

A two-year recession has left one-third of the industry idle.

Iata recently predicted a two-year recession in the industry, with carriers expected to report a combined loss of $9.3bn for 2008-09.

The economy started to grow again in 1978, after a two-year recession.

And a deep two-year recession persists at a time when almost all other countries in South America are beginning to grow again.