Our neighbor Japan, which has happily spent the Spring Festival holiday in the Year of the Dragon, has ushered in gloomy news - Japan's GDP has fallen out of the top three in the world! Since 2010, the United States, China and Japan have been the world's three largest economies, and for 13 years, Japan has been sitting on the throne of "third in the global economy". According to Nippon TV, Japan's GDP in 2023 will be about $4,210.6 billion, while Germany's GDP will be as high as $4,456.1 billion, successfully surpassing Japan to become the world's third-largest economy.
This news can be described as a worse situation for Japan, because it shows that by 2026, India's economy will fully surpass Japan, making Japan's position in the global economic pattern further decline. Since the size of the country's economy is directly related to its international influence, Japan's ongoing economic recession has diminished its voice in international affairs, which is indeed discouraging news for the Japanese.
This is not a pessimism about the Japanese economy, it is new. Since the beginning of the 21st century, Japan's economy has been in a sluggish state. Although GDP has been growing, it has mainly relied on monetary easing and fiscal stimulus, and the sluggish development of the industry and the lag in industrial restructuring have made the Japanese economy lose its vitality and are full of problems. Last year, the International Monetary Organization announced that Japan's GDP would fall to fourth, and the latest data release further confirms this.
On the face of it, Germany's overtaking of Japan is mainly affected by the continued depreciation of the yen against the dollar. Japan's economy lags behind in terms of numerical scale due to GDP in US dollars and the fact that prices in Germany soared last year. From the perspective of the root causes, the Japanese economy is facing difficulties due to the long-standing problems of declining population, aging population, and low labor productivity. This phenomenon of "Japanese economic bubbles" is the result of a long period of accumulation and is reflected in a variety of industries.
Taking Japan's shipbuilding industry as an example, it once occupied 50% of the global market share in its heyday, but now it has lost its position as a global hegemon for many years in many indicators. As another pillar industry, Japan's automobile manufacturing industry has declined in an all-round way with the advent of the era of new energy vehicles. In 2023, China will even surpass Japan to become the world's largest exporter of automobiles.
In the past few decades, Japan has experienced the heyday of export industries such as automobiles and consumer electronics, firmly established itself as the world's second largest economy, and even has the opportunity to surpass the United States to become the world's first. Since the 90s of the 20th century, the "Japanese economic bubble" has gradually burst, and the economy has entered a period of stagnation for 30 years. Japan's aging population has weakened its economy and led to a lack of innovation, which has led to Japan being overtaken by competitors in many areas.
Although it is important news that Germany has overtaken Japan to become the third largest country in the world, Germany itself is not optimistic. In 2023, Germany's GDP fell by 03%, with an average inflation rate of 59%, the manufacturing industry was affected by many factors, and the number of enterprise bankruptcies reached 1810,000. And despite India's strong economic momentum, the position of the two largest economies, the United States and China, remains strong, with our country's GDP reaching 1789 trillion US dollars, a year-on-year increase of 52%。This shows that the pattern of China and the United States dominating the world economy will not change.
Taken together, both Japan's economic woes and Germany's negative growth are part of the current global economic landscape. Under the guidance of the two major economies of China and the United States, the world economic pattern will continue to remain relatively stable in the future.
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