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Japan loses crown as world’s third-largest economy after it slips into recession
(www.theguardian.com)
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this post was submitted on 15 Feb 2024
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This is the best summary I could come up with:
Japan has been eclipsed by Germany as the world’s third-biggest economy and has slipped into recession, according to data released Thursday, as the country battles a weak yen and an ageing, shrinking population.
While Japanese carmakers and other exporters have benefited from a weak yen – which makes their goods cheaper on the international market – the country’s labour crunch is worse than Germany’s, and it is struggling to address a low birthrate.
The failure of government-led attempts to boost the birthrate means chronic labour shortages are expected to worsen, even as the country welcomes a record number of foreign workers.
The economy revitalisation minister, Yoshitaka Shindo, told reporters that Germany leapfrogging Japan showed it was “imperative” to promote structural reforms, including getting more women into full-time work and lowering the barriers to foreign investment.
Thursday’s data showed that real GDP – the total value of goods and services – shrank 0.1% in the last three months of 2023 compared to the previous quarter, due to weak spending by households and businesses, according to the cabinet office.
While Japan’s recent slip to fourth place has been attributed to dramatic currency moves, losing third spot to a troubled German economy will deal a blow to its self-esteem and to the already unpopular prime minister, Fumio Kishida.
The original article contains 671 words, the summary contains 215 words. Saved 68%. I'm a bot and I'm open source!