Germany has overtaken Japan to become the world’s third-largest economy, mainly due to a sharp decline in the value of the yen, official data showed Thursday. With its young society and high growth rates, India is expected to overtake the two countries to become the world’s third-largest economy after the United States and China later this decade.
Published on: 02/15/2024 – 09:57
2 minutes
Despite achieving the economy Japanese Growth of 1.9% last year, official data showed Thursday Germany It has surpassed it to become the third largest economy in the world.
Government data showed that Japan’s nominal gross domestic product for 2023 reached $4.2 trillion, compared to $4.5 trillion for Germany, according to figures revealed last month.
The yen fell by more than 18% in 2022 and 2023 against the dollar, including about 7% last year only, in part because the Bank of Japan, unlike other major central banks, maintained negative interest rates.
The Japanese and German economies depend heavily on exports, and although both face major obstacles, Japan suffers more than Germany due to its severe labor shortage and the decline in its population.
India is progressing steadily
It is expected to exceed them India With its young society and high growth rates, it will become the third largest economy in the world after the United States and China later this decade.
The Japanese economy contracted by 0.1% in the three months to December, according to preliminary data issued by the Cabinet, contrary to expectations of growth of 0.2%.
Official data indicate that this is the second consecutive quarterly decline in production, after recording a contraction of 0.8% in the quarter from July to September.
France 24/AFP
2024-02-15 08:57:32
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