Japan’s Economy and Recession in 2023
T24 International News: The Japanese economy unexpectedly shrank at the end of 2023 and entered a recession. According to the Japanese Cabinet Office on Thursday, the Gross Domestic Product contracted by 0.4 percent on an annual basis in the final three months of the previous year, following a revised 3.3 percent contraction in the previous quarter. Economists, however, were anticipating a growth of 1.1 percent.
The data also confirmed that Japan’s economy fell to the fourth-largest in the world in terms of the U.S. dollar last year. Currently, Germany holds the position of the world’s third-largest economy. T24