Mr. Guy Saint-Julien (Abitibi):
Mr. Speaker, the effects of the recession are being felt in Japan, where businesses are limiting overtime and cutting staff. Bankruptcies are at the highest level in six years: there were 14,167 in 1992, compared to 10,723 in 1991.
According to some economists, Japan's economy has never been worse since the 1973 oil shock and businessmen are calling for lower taxes and a recovery budget.
Hundreds of firms have laid off contract, term or part-time workers hired in boom times. Other companies are encouraging employees to leave by taking early retirement.
These staff cuts subsequently affect small retailers and small and medium sized businesses, which are the backbone of the Japanese economy.
Subtopic: JAPAN'S ECONOMY