Germany replaces Japan as world's third largest economy
At the end of last year, Japan gave way to Germany as the third-largest economy in the world by nominal GDP in dollar terms, Azernews reports, citing foreign media.
According to information released by the Cabinet of Ministers of Japan, the country's nominal GDP in 2023, excluding inflation, amounted to 591.48 trillion yen (about 4.21 trillion dollars).
At the same time, according to the Kyodo agency, Germany's nominal GDP in 2023 amounted to about 4.46 trillion dollars. Thus, at the end of last year, Japan lost its place as the third-largest economy in the world.
This result was previously predicted by the Japanese media. It was noted that Japan's nominal GDP in dollar terms will decrease significantly due to the weakening of the national currency. At the same time, Germany's GDP will grow against the background of rapid price growth.
However, earlier this month, the Organization for Economic Cooperation and Development lowered its forecast for German GDP growth to 0.3 percent from 0.6 percent in 2024 and to 1.1 percent in 2025 from 1.2 percent.
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