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submitted 9 months ago by MicroWave@lemmy.world to c/world@lemmy.world

Japan slips into recession, becoming the 4th-largest economy, behind the US, China and now Germany.

Japan’s economy is now the world’s fourth-largest after it contracted in the last quarter of 2023 and fell behind Germany.

The government reported the economy shrank at an annual rate of 0.4% in October to December, according to Cabinet Office data on real GDP, though it grew 1.9% for all of 2023.

It contracted 2.9% in July-September. Two straight quarters of contraction are considered an indicator an economy is in a technical recession.

Japan’s economy was the second largest until 2010, when it was overtaken by China’s. Japan’s nominal GDP totaled $4.2 trillion last year, while Germany’s was $4.4 trillion, or $4.5 trillion, depending on the currency conversion.

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[-] Sir_Kevin@lemmy.dbzer0.com 13 points 9 months ago

I can't tell if you're talking about Germany or the US. It's believable either way.

[-] EinfachUnersetzlich@lemm.ee 5 points 9 months ago

Why would they be talking about the USA?

this post was submitted on 16 Feb 2024
230 points (100.0% liked)

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