Japan In The Grip Of Recession, Economy Reached Fourth Place, Germany Now The Third Largest Economy In The World Population

Japan's economy has fallen into recession after shrinking for two consecutive quarters. Due to this, its economy has moved from third to fourth in the world. Germany is now the third largest economy in the world.

Japan is currently struggling with a weak currency, increasing age and declining population. Earlier in 2010, due to the growth of China's economy, Japan had moved from second to third position. America's economy is at number one in the world.

Japan's economy shrank 0.4% more than expected

According to data released by Japan's Cabinet Office, the country's GDP has shrunk by 0.4% more than expected in the last three months of 2023 compared to a year ago. The economy had shrunk by 3.3% in the previous quarter.

Shrinking of economy in two quarters means recession

If the economy of any country shrinks for two consecutive quarters, then it is technically considered a recession. In October, the International Monetary Fund predicted that Germany could become the world's third largest economy.

Japan's economy is about 4.2 trillion dollars

According to economist Neil Newman, new figures show that Japan's economy will be around $4.2 trillion in 2023, while Germany's economy will be $4.5 trillion.