On February 28, South Korea's "Finance Today" published an article saying that after the fact that Japan, the world's third economic power, was squeezed into fourth place by Germany last year, it was announced through Japan, and Japan rushed to report the relevant facts. Japan's third place in nominal gross domestic product (GDP) was taken away by Germany, which was foreseen in the statement of the International Monetary Fund (IMF) in October 2023.
Japan's nominal GDP was 591 last year, according to the Cabinet Office4,820 trillion yen. It translates to 4$2,106 trillion, considering that Germany's nominal GDP converted into dollars last year was 4$4,561 trillion, $245.5 billion less than Germany.
In 2010, Japan ceded its second place in the world to China, despite being 1 more populous than Germany5 times, but Japan ceded the third position to Germany. The recession that followed the bursting of the bubble economy in the early 90s of the 20th century plunged Japan into a long-term recession, which is known as the "lost 30 years".
In this regard, Japan's "Asahi Shimbun" pointed out that although the depreciation of the yen has led to a relatively small GDP in US dollar terms, this is also the result of the "lost 30 years" of low growth.
In January this year, the world's largest International Electronics Expo (CES) was held in Las Vegas, USA, where world-renowned companies showcased their latest technologies. The most eye-catching event at the event was the 77-inch transparent screen TV "Transparent OLED TV" launched by LG Electronics.
The advantage is that when the device is turned off, you can see the background on the other side of the screen like transparent glass, giving a sense of openness and harmonizing with the surrounding decoration. With wireless transmission and reception technology, all wires around the transparent screen except for the power supply are eliminated.
LG Electronics has a leading global market share in the OLED segment. According to the Asahi Shimbun, this technology is a technology that Japanese companies have tried to mass-produce in the past, but have failed.
Japanese companies also set up booths and released the most ** TVs, but they did not show a sense of presence.
In the days when Japan had the world's second-largest economy, Japanese TVs had a global market share of 30%-40%. But now it has entered the stage of importing a large number of household appliances.
Japan is also struggling in the smartphone market. On the other hand, in the United States, IT giants such as Apple and Google have grown rapidly, and in Asia, semiconductor hegemons such as Samsung Electronics and TSMC have risen.
In addition, Japanese consumer confidence continues to decline due to rapid inflation, which is considered a factor in economic instability.
Chronic labor shortages are hampering Japan's economic growth. Various industries, including services such as accommodation and catering, construction, and transportation, are facing a shortage of human resources.
The shutdown of factories caused by the falsification of quality certifications by Toyota's subsidiary Daihatsu is also considered a negative factor in Japan's economic growth.
Japanese economic circles believe that it will be difficult for Japan to surpass Germany again this year. It is expected that by 2026, Japan's economy will be surpassed by India, the world's most populous country, to become fifth.
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