Japan loses its spot as world's third-largest economy
Economy
The latest data on Japan's economic growth indicates that the country slipped to fourth place in the global ranking of economic output last year due to the impact of a weak currency and demographic crisis.
According to Western experts, official statistics for the last calendar year, which will be released today, are likely to show Japan's output lagging behind Germany.
Data from the International Monetary Fund shows Japan's economy shrinking in dollar terms from about $6.3 trillion in 2012 to about $4.2 trillion in 2023, largely due to the depreciation of the Japanese currency.
This new economic downgrade for a country that once had the largest economy in the world will raise new questions among domestic audiences about Japan's future development.
At the same time, reports that Germany's economy is overtaking Japan have hardly been widely reported due to growing public dissatisfaction with German economic policies amid inflation, rising energy prices and slowing GDP growth.
India's economy is projected to overtake both these economies in the coming years and perhaps even surpass China, provided regulations are simplified and tariffs are lowered to attract more investment as global companies seek to reduce geopolitical risks associated with tensions between Beijing and Washington.
Data from the International Monetary Fund shows Japan's economy shrinking in dollar terms from about $6.3 trillion in 2012 to about $4.2 trillion in 2023, largely due to the depreciation of the Japanese currency.
This new economic downgrade for a country that once had the largest economy in the world will raise new questions among domestic audiences about Japan's future development.
At the same time, reports that Germany's economy is overtaking Japan have hardly been widely reported due to growing public dissatisfaction with German economic policies amid inflation, rising energy prices and slowing GDP growth.
India's economy is projected to overtake both these economies in the coming years and perhaps even surpass China, provided regulations are simplified and tariffs are lowered to attract more investment as global companies seek to reduce geopolitical risks associated with tensions between Beijing and Washington.
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