Japan just lost its crown as the world’s third-largest economy | CNN Business

Japan’s economy has contracted unexpectedly because of weak domestic consumption, pushing the country into recession and causing it to lose its position as the world’s third largest economy to Germany. Gross domestic product (GDP) shrank at an annualized pace of 0.4% in the last three months of 2023, the Cabinet Office said on Thursday, after having contracted by an annualized 3.3% in the previous

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>>“Private consumption was particularly weak, [and] market expectations was for it to be flat,” he said. “Unfortunately this will get worse in January following the Sea of Japan earthquake. People stop spending in times of natural disasters.”