- cross-posted to:
- world@lemmy.world
- cross-posted to:
- world@lemmy.world
Fall in rank below Germany has been attributed to a weak yen and country’s ageing, shrinking population
Japan has been eclipsed by Germany as the world’s third-biggest economy and has slipped into recession, according to data released Thursday, as the country battles a weak yen and an ageing, shrinking population.
Japan’s economy, now the world’s fourth-biggest, grew 1.9% in 2023 in nominal terms – meaning it is not adjusted for inflation – but in dollar terms its gross domestic product (GDP) stood at $4.2tn compared with $4.5tn for Germany.
The shift, coming more than a decade after it ceded second place to China, has been attributed to the yen’s sharp falls against the dollar over the past two years. A weaker yen eats into profits on exports when earnings are repatriated. The Japanese currency dropped by almost a fifth against the US dollar in 2022 and 2023, including a 7% fall last year.
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They can probably make a comeback if they force everyone to work even more hours
Guys, new idea, we just never stop working! We’ll be on top in no time then!
Can’t commit sudoku if you’re always working!
You mean seppuku.
Sudoku is a game
Seems like we’re headed for another recession, with the UK, Japan and likely China leading the pack.
Awesome. :(
The 20’s are NOT roaring the way I had hoped… so far… fuck.
This century’s coughing, sputtering 20s.
The US is in it as well. Those articles about it being a soft landing seem to be bullshit as they always come out right before a recession to try to keep the population spending
