Would you like to receive notifications on latest updates of the following headlines?

Japan Slips To World's Fourth-Largest Economy

POSTED ON February 16, 2024 •   World      BY Segun Adewole

Japan's economy has slipped to the world's fourth-largest, falling behind Germany, after experiencing a contraction in the final quarter of 2023, according to official data released by the government.

Japan's economy has slipped to the world's fourth-largest, falling behind Germany, after experiencing a contraction in the final quarter of 2023, according to official data released by the government.

Cabinet office data on real GDP (Gross Domestic Product) revealed that Japan's economy shrank at an annual rate of 0.4% from October to December, marking a downturn in economic performance. However, the economy still managed to achieve a growth rate of 1.9% for the entirety of 2023.

The recent contraction follows a 2.9% decline in the economy during the July-September period. Economists typically consider two consecutive quarters of contraction as indicative of a technical recession.

Japan, once the world's second-largest economy until 2010 when it was surpassed by China, now finds itself in the fourth position, trailing behind Germany in the global economic rankings.

The economic data underscores the challenges facing Japan's economy, as it navigates through a period of uncertainty and volatility exacerbated by global economic headwinds and domestic structural issues.

Despite the setback, Japan remains a key player in the global economy, renowned for its technological innovation, manufacturing prowess, and influential role in regional and international trade.

As policymakers and economists assess the implications of Japan's economic performance, efforts to stimulate growth and address underlying vulnerabilities are likely to take center stage in the country's economic agenda.

The shifting dynamics in the global economic landscape highlight the need for resilience and adaptability as nations strive to maintain competitiveness and navigate through evolving geopolitical and economic realities.

READ ALSO
Tinubu Honors Bill Gates with National Award for Global Philanthropy
BY Abiodun Saheed Omodara June 4, 2025 0

LAGOS, Nigeria - President Bola Tinubu commended Bill Gates, the co-founder of Microsoft and chairma...

READ ALSO
Bahrain, Colombia, DRC, Latvia, and Liberia Join UN Security Council for 2026-2027 Term
BY Abiodun Saheed Omodara June 4, 2025 0

The UN General Assembly on Tuesday elected five new non-permanent members to the UN Security Council...

READ ALSO
60,000 Nigerians Abroad Register on Diaspora Data Mapping Portal
BY Abiodun Saheed Omodara June 3, 2025 0

Approximately 60,000 Nigerians residing overseas have registered on the Diaspora Data Mapping Portal...

READ ALSO
30 Confirmed Dead as Heavy Rains Batter Northeast India
BY Abiodun Saheed Omodara June 1, 2025 0

Severe flash floods and landslides triggered by heavy monsoon rainfall in India's northeast over the...

READ ALSO
China to Advocate for African Rights on Global Stage
BY Abiodun Saheed Omodara May 31, 2025 0

The Chinese Counselor at the Ministry of Foreign Affairs, Shen Sha, has reiterated China's strong de...

READ ALSO
China-Africa Institute to Launch First Museum in China Celebrating African History and Culture
BY Abiodun Saheed Omodara May 31, 2025 0

The China-Africa Institute, part of the Chinese Academy of Social Sciences, has unveiled plans to cr...

READ ALSO
Botswana's Speaker Lauds China's Commitment to African Development
BY Abiodun Saheed Omodara May 31, 2025 0

The Speaker of the National Assembly of Botswana, Dithapelo Keorapetse, has praised China for its de...

READ ALSO
Tinubu Commits to Collaborative Efforts with AfDB's New Leadership, Congratulate Sidi Tah
BY Abiodun Saheed Omodara May 30, 2025 0

President Bola Tinubu has praised the election of Sidi Tah as the ninth president of the African Dev...

OUR CHANNELS:

NEMA Mobilizes Teams to 15 States Amid Flood Warnings
BY Abiodun Saheed Omodara June 5, 2025 0

The National Emergency Management Agency (NEMA) has sent officials to 15 high-risk states to educate...


Edo Faces Diphtheria Outbreak, Two Confirmed Deaths
BY Abiodun Saheed Omodara June 5, 2025 0

EDO, Nigeria (NAN) - A diphtheria outbreak has been confirmed in Edo State, resulting in two deaths....


Tinubu Honors Bill Gates with National Award for Global Philanthropy
BY Abiodun Saheed Omodara June 5, 2025 0

LAGOS, Nigeria - President Bola Tinubu commended Bill Gates, the co-founder of Microsoft and chairma...


Bahrain, Colombia, DRC, Latvia, and Liberia Join UN Security Council for 2026-2027 Term
BY Abiodun Saheed Omodara June 5, 2025 0

The UN General Assembly on Tuesday elected five new non-permanent members to the UN Security Council...


Tinubu Orders Urgent Repairs on Flood-Damaged Bridge in Mokwa
BY Abiodun Saheed Omodara June 5, 2025 0

NIGER, Nigeria (NAN)- President Bola Tinubu has instructed the Federal Ministry of Works to repair t...


Nigeria Needs ₦2.2 Trillion to Eliminate Cervical Cancer by 2030, Says Task Force Chair
BY Abiodun Saheed Omodara June 5, 2025 0

ABUJA, Nigeria — Nigeria will need ₦2.2 trillion to roll out comprehensive cervical cancer ini...


EFCC Charges Two Men for Posing as Fake Sureties in Illegal Mining Case
BY Abiodun Saheed Omodara June 4, 2025 0

The Economic and Financial Crimes Commission (EFCC) has charged two individuals, Shehu Abdu and Isah...


Court Sentence Scrap Seller to 12 Years for Sexual Assault of Four-Year-Old Girl
BY Abiodun Saheed Omodara June 4, 2025 0

A scrap seller, Nasiru Usman, was sentenced to 12 years in prison by an Ikeja Sexual Offences and Do...


70-Year-Old Faces Manslaughter Charges After Fatal Accident
BY Abiodun Saheed Omodara June 5, 2025 0

LAGOS, Nigeria - A 70-year-old man, Isiaka Afolayan, has been detained for careless driving and the...


Police Arrest 49 years old Suspect for Abduction of Two-Month-Old Baby
BY Abiodun Saheed Omodara June 5, 2025 0

DELTA, Nigeria - The police in Delta reported the arrest of a suspect named Joy Temitope for the abd...


More Articles

Load more...

Menu