Japan is no longer world’s third-largest economy #latest #upsc #latestnews
Japan has lost its spot of being the third largest economy in the world and has slipped to position fourth as per the recent official data Japan recorded a nominal GDP of $4.2 trillion whereas Germany recorded a GDP of $4.5 trillion in year 2023 thereby overtaking Japan
And coming at position three here is the list of top 10 economies of the world and you can see that India ranks at number five in this list let’s quickly try to find out the reasons for Japan slipping economy now there are many reasons but the prominent ones being
Depreciating value of its currency Yen against US dollar Yen has depreciated by almost 18% in last 2 years other factors include the declining child birth rate and aging population of Japan which has led to labor problem in this country IMF has predicted that India with its young population and growing economies
Expected to overtake Japan and thereby becoming fourth largest economy by 2026
Japan has dropped from its position as the world’s third-largest economy, according to official data released on Thursday. Once anticipated to take the top spot, Japan now ranks fourth, trailing behind Germany. However, forecasts suggest that India is on track to surpass both countries later in the decade, securing the third position.
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