By 2023, Japan will have lost its symbolic title of third largest economy in the world to Germany, largely as a result of the fall in the yen, according to preliminary figures for Japanese gross domestic product (GDP) published on Thursday 15 February, Ednews reports referring to Le Monde.
Bloated by inflation, Germany's nominal GDP is set to rise to $4.5 trillion in 2023, compared with $4.2 trillion for Japan. In real terms (adjusted for inflation and seasonal variations), however, the Japanese economy grew by 1.9% last year, compared with just 1% in 2022, while the German economy contracted by 0.3%, according to official data published in January.
The worsening economic situation in Germany means that its new title of third world economic power, which was promised to it last October by forecasts from the International Monetary Fund (IMF), is seen as illusionary on the other side of the Rhine. Especially as India could overtake both Japan and Germany in the next few years.
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