Japan’s GDP in the fourth quarter of 2023 also fell by 0.1% compared to the previous quarter. This marked the second consecutive quarter of negative growth. Private consumption during this period remained unchanged, increasing the economy’s reliance on external demand.
Germany overtaking Japan as the world’s third-largest economy has received relatively little attention. The German public has expressed considerable dissatisfaction with economic policies amid ongoing inflation, surging energy prices, and sluggish growth.
Both the German and Japanese economies share common challenges, including aging populations, a lack of natural resources, and heavy reliance on exports and automobile manufacturing.
India is projected to soon surpass both Germany and Japan to become the world’s third-largest economy by the end of this decade.
Previously, India overtook China to become the world’s most populous country last year and is expected to maintain population growth over the coming decades.
With more than two-thirds of its population of working age, India is expected to produce more goods and drive technological innovation. Meanwhile, many other Asian countries are facing declining and aging populations.
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