Oct 24, 2023 at 9:30 AM Update: 4 minutes ago
Germany will become the world’s third largest economy later this year, behind the United States and China. Japan therefore disappears from the top three after decades. India is also climbing the rankings.
The fact that Germany will pass Japan this year is evident from estimates of the gross domestic product (everything that citizens and companies earn together) of all countries by the International Monetary Fund.
The Japanese economy will amount to almost 4 trillion euros (4,000 billion euros) this year. That is 0.2 percent less than in 2022. The German economy is actually growing by 8.4 percent, to around 4.15 trillion euros.
Major causes of the change in position are inflation, which is much higher in Germany than in Japan, and the depreciation of the Japanese yen against the dollar.
The IMF predicts that Japan will fall even further in the rankings of the largest economies. India, recently the world’s most populous country, will be the world’s fourth largest economy by 2026 and the third by 2027.
In 1968, Japan became the second largest economy in the world behind the United States, when it overtook West Germany. In 2010, China took second place.
The Dutch economy is the eighteenth largest in the world with a GDP of over 935 billion euros.
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Image: EPA
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2023-10-24 07:30:58
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