Japan is no longer the third largest economy in the world. Due to the shrinking of Japan’s economy, Germany has now become the third largest economy in the world.
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Germany to become the world’s third largest economy in 2023, overtaking Japan. Deepak Jasani, Head of Retail Research, HDFC Securities said this.
He said that Japan’s nominal GDP last year totaled 4.2 trillion dollars or about 591 trillion yen. Germany’s GDP, announced last month, was between $4.4 trillion and $4.5 trillion.
The Japanese economy contracted 0.4 percent on a year-on-year basis in the latest October-December quarter, according to Cabinet Office data on real GDP. Real GDP for the full year increased by 1.9 percent compared to the previous year.
Earlier, there was a contraction of 3.3 percent in the July-September quarter. He said contraction in two consecutive quarters is widely considered a technical recession.
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