Japan Loses Its Spot as World's Third-largest Economy
2024-02-21
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1Japan's economy has dropped to the fourth largest in the world.
2It fell behind Germany after its economy shrank in the last quarter of 2023.
3The Japanese government reported Thursday the economy shrank at an annual rate of 0.4 percent in October to December.
4It shrunk 2.9 percent from July to September.
5Two straight quarters of shrinkage are considered a sign that an economy is in a recession.
6Real gross domestic product is a measure of the value of a nation's products and services.
7The yearly rate measures what would have happened if the quarterly rate lasted a year.
8Japan's economy was the second largest until 2010, when it was overtaken by China's.
9It had been the third-largest economy until it fell behind Germany.
10Japan's nominal GDP totaled $4.2 trillion last year.
11Germany's was between $4.4 and $4.5 trillion.
12Real GDP takes into account inflation, while nominal GDP does not.
13A weaker Japanese yen was a major reason for the drop to fourth place.
14But economists say the drop is also due to a decline in its population and slowing productivity and competitiveness.
15In the past, Japan was described as a "an economic miracle."
16After much of the country was destroyed in World War II, it became the second-largest economy after the United States.
17It continued to see strong growth in the 1970s and 1980s.
18But in the last 30 years, the economy has grown only moderately at times.
19Both the Japanese and German economies are powered by strong small- and medium-size businesses with strong productivity.
20Germany's economy has gotten very strong in the past 20 years.
21It has led worldwide markets for high-end products like luxury cars and industrial machinery.
22It has sold so much to the rest of the world that half its economy ran on exports.
23But Germany's economy also shrank in the last quarter, by 0.3 percent.
24Japan's population has been shrinking and aging for many years.
25It has few foreign residents.
26Germany's population has grown to nearly 85 million.
27Immigration helped to make up for a low birth rate in Germany.
28Immigration is one way to solve Japan's labor shortage problem.
29But the country has been somewhat unaccepting of foreign labor.
30Another reason for Japan's slow growth is stagnating wages.
31People have less money to spend.
32At the same time, businesses have invested heavily in foreign economies instead of Japan's aging and shrinking market.
33I'm Dan Novak.
1Japan's economy has dropped to the fourth largest in the world. It fell behind Germany after its economy shrank in the last quarter of 2023. 2The Japanese government reported Thursday the economy shrank at an annual rate of 0.4 percent in October to December. 3It shrunk 2.9 percent from July to September. Two straight quarters of shrinkage are considered a sign that an economy is in a recession. 4Real gross domestic product is a measure of the value of a nation's products and services. The yearly rate measures what would have happened if the quarterly rate lasted a year. 5Japan's economy was the second largest until 2010, when it was overtaken by China's. It had been the third-largest economy until it fell behind Germany. 6Japan's nominal GDP totaled $4.2 trillion last year. Germany's was between $4.4 and $4.5 trillion. 7Real GDP takes into account inflation, while nominal GDP does not. 8A weaker Japanese yen was a major reason for the drop to fourth place. But economists say the drop is also due to a decline in its population and slowing productivity and competitiveness. 9In the past, Japan was described as a "an economic miracle." After much of the country was destroyed in World War II, it became the second-largest economy after the United States. It continued to see strong growth in the 1970s and 1980s. But in the last 30 years, the economy has grown only moderately at times. 10Both the Japanese and German economies are powered by strong small- and medium-size businesses with strong productivity. 11Germany's economy has gotten very strong in the past 20 years. It has led worldwide markets for high-end products like luxury cars and industrial machinery. It has sold so much to the rest of the world that half its economy ran on exports. But Germany's economy also shrank in the last quarter, by 0.3 percent. 12Japan's population has been shrinking and aging for many years. It has few foreign residents. Germany's population has grown to nearly 85 million. Immigration helped to make up for a low birth rate in Germany. 13Immigration is one way to solve Japan's labor shortage problem. But the country has been somewhat unaccepting of foreign labor. 14Another reason for Japan's slow growth is stagnating wages. People have less money to spend. At the same time, businesses have invested heavily in foreign economies instead of Japan's aging and shrinking market. 15I'm Dan Novak. 16Dan Novak adapted this story for VOA Learning English based on reporting by The Associated Press. 17_____________________________________________ 18Words in This Story 19annual - adj. happening once a year 20decline - v. to become lower in amount or less in number 21miracle - n. an unusual or wonderful event that is believed to be caused by the power of God 22luxury - adj. a condition or situation of great comfort, ease, and wealth 23stagnant - adj. not active, changing, or progressing