Tokyo. Japan’s economy unexpectedly went into recession. According to the preliminary data published by the office of the Council of Ministers there, the economy shrank by 0.4 percent in the last quarter of 2023 compared to the same period of the previous year. In the previous quarter, the economy also shrank by an annualized 3.3 percent.
In the December quarter, economists had expected the economy to grow by more than 1 percent. Since this data is preliminary, there is still hope for revision. Economic growth rate going into negative territory for 2 consecutive quarters is called economic recession in the language of economics. In October, the multilateral lender International Monetary Fund predicted that Germany would overtake Japan to become the world’s third largest economy.
In 2023, Japan’s economy is around 42 trillion dollars. Germany is estimated to be around 44 billion. The fund will change its ranking after both countries publish the final figures of economic growth. The Japanese yen has fallen sharply against the US dollar. Therefore, Japan’s rank in the list of economies may fall, the deputy head of the fund, Geeta Gopinathan, said at a press conference held in Tokyo this month.
Trending Now
- एघार करोडको चिया झापाबाट निर्यात
- Finland, Sweden and Norway issue war alert, urge citizens to avoid Russian attack
- The US was angry after the court issued an arrest warrant for Netanyahu
- दुर्गा प्रसाईं समर्थकद्वारा कोटेश्वर क्षेत्रमा प्रदर्शन सुरू
- रम्बास कविता: विश्वभ्रमण
- Russia fires intercontinental ballistic missile at Ukraine
- चलचित्र तेल भिसा र अग्निदहन आजदेखि प्रदर्शन हुँदै
- जीवराज भट्टराईको कथासङ्ग्रह “अभिशप्त कुइनेटाहरु” विमोचित
- More than 40 killed in attack by unknown gunmen in Pakistan
- प्रधानमन्त्री ओलीसँग भेटवार्ता गर्दै भारतीय सेनाध्यक्ष द्विवेदी, आजै रक्षामन्त्रीलाई पनि भेट्ने
Comments are closed.