Japan loses crown as world’s third-largest economy after it slips into recession
Japan loses crown as world’s third-largest economy after it slips into recession
Fall in rank below Germany has been attributed to a weak yen and country’s ageing, shrinking population
Fall in rank below Germany has been attributed to a weak yen and country’s ageing, shrinking population
Japan has been eclipsed by Germany as the world’s third-biggest economy and has slipped into recession, according to data released Thursday, as the country battles a weak yen and an ageing, shrinking population.
Japan’s economy, now the world’s fourth-biggest, grew 1.9% in 2023 in nominal terms – meaning it is not adjusted for inflation – but in dollar terms its gross domestic product (GDP) stood at $4.2tn compared with $4.5tn for Germany.
The shift, coming more than a decade after it ceded second place to China, has been attributed to the yen’s sharp falls against the dollar over the past two years. A weaker yen eats into profits on exports when earnings are repatriated. The Japanese currency dropped by almost a fifth against the US dollar in 2022 and 2023, including a 7% fall last year.
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Seems like we're headed for another recession, with the UK, Japan and likely China leading the pack.
Awesome. :(
The 20's are NOT roaring the way I had hoped... so far... fuck.
This century’s coughing, sputtering 20s.
The US is in it as well. Those articles about it being a soft landing seem to be bullshit as they always come out right before a recession to try to keep the population spending