After learning the preliminary data provided by the Japanese authorities, the country led by Olaf Schaals received good news.
Japan has overtaken Germany to become the fourth largest economy in the world
Germany will become the third largest economy in the world by 2023After knowing that Gross Domestic Product (GDP). Japan surpassed the country led by Olaf Scholes. This occurs within a framework of long years of low growth and deflation A fall in the value of the yen has slowed its economy when it is converted to the dollar.
It is worth noting that Japanese nominal GDP measures the value of output based on changing prices. This digit 5.7% increase by 2023This was indicated and published in a preliminary report that came to light this Thursday Cabinet Office Japanese
Olaf Scholes. Photo: REUTERS.
For its part, Germany announced on January 15 Nominal GDP increased by 6.3% over last year, which was close to $4.42 billion. As exchange rates prevail, LIt was able to displace Japan in the third place in the world economy.
The reduction in the size of the economy during the transition is a reflection of the impact of the recent sharp depreciation of the yen. The currency was exchanged at the start of trading this Thursday Tokyo Stock Exchange Between 150.22 and 150.57 units per dollar and between 161.18 and 161.58 units per euro.
Japanese Prime Minister Fumio Kishida. Photo: Reuters
The data underscores the weakness of the Japanese economy, a new challenge for the government and the government Bank of Japan (BoJ) in its effort To achieve demand driven growthLoss of real purchasing power and inadequate salary hikes are also crippling.
According to a statement shared by officials, Japan had 1.9% year-on-year growth in 20203. The data indicate that Japan's economy expanded during the first semester, although it contracted in the previous six months.
Japan's real GDP fell 0.1% in the quarter between October and December after a 0.8% decline in July-September, a two-quarter contraction that plunged the country into a technical recession.
