Japan's Economic Contraction Germany Surpasses as Third-Largest Economy

Germany Overtakes Japan as Third-Largest Economy Amidst Second Quarter Contraction

Last Updated on: 15th February 2024, 03:38 am

The article reports on Japan’s recent economic setback, with government data revealing a 0.4 percent annualized contraction in the GDP during the October-December period of the previous year. This marks the second consecutive quarter of decline, following a 2.1 percent decrease in the third quarter of 2023. Preliminary figures indicate a 0.1 percent shrinkage in real GDP compared to the previous quarter.

Japan’s Economic Contraction: Germany Surpasses as Third-Largest Economy

Japan’s nominal GDP in 2023 was 591.48 trillion yen (approximately $4.21 trillion), but the country has lost its position as the world’s third-largest economy to Germany, whose economy is valued at around $4.46 trillion.

The economic contraction is attributed to factors such as sluggish domestic consumption and a global economic slowdown, exacerbated by trade tensions and the COVID-19 pandemic’s impact on international trade.

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The consecutive quarters of negative growth raise concerns about Japan’s ability to achieve sustained growth. The government has implemented measures such as fiscal stimulus packages and monetary easing to counter the slowdown, but these efforts have not yet produced significant results.

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