GDP - Japan No Longer World's Third Largest Economy As Aging Asian Powerhouse Concedes Position To Germany | Benzinga

Japan has lost its position as the world’s third-largest economy to Germany, indicating declining economic competitiveness and productivity, largely attributed to its aging population and declining birth rates.

What Happened: As per government data released on Thursday, Japan’s nominal GDP for 2023 was $4.2 trillion, or approximately 591 trillion yen. This places Japan behind Germany, whose nominal GDP was $4.4 trillion, or $4.5 trillion, depending on the currency conversion, reported the Associated Press.

Japan’s economy has been on a downward trajectory for some time. It fell from the second-largest economy in the world, behind the U.S., to the third-largest in 2010, as China’s economy began to surge. The International Monetary Fund had predicted Japan’s fall to the fourth position.

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