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2075: Forecast for 5th largest GDP in the world at $7.5 trillion
2023
The fourth largest PPP GDP in the world
GDP per capita $50,000 per year
Japan plunged into recession and gave way to Germany's third world economy
Japan lost its place as the world's third largest economy, plunging into recession in the second half of 2023. Japan's economy dropped to fourth place in the world after Germany.
GDP Japan contracted 0.4% year-on-year in the final three months of 2023, following a revised 3.3% decline in the previous quarter.
Rising domestic inflation has weighed on consumer demand and exacerbated export problems as demand weakened.
2022
The fourth largest PPP GDP in the world
In August 2023, the World Bank updated its PPP GDP estimates for the world at the end of 2022.
GDP decline to $4.17 trillion due to yen crash
The largest economy in the world in 2022 was still the United States with a nominal GDP of $25.46 trillion. The second place was taken by China ($17.94 trillion), the third - Japan ($4.17 trillion). Russia rose from 11th to 8th place with an indicator of $2.3 trillion, ahead of Canada and Italy.
in
GDP size forecast - $4.9 trillion
2021: GDP size - $5.1 trillion
2020: Runway falls 4.8% amid COVID-19 pandemic
GDP Japan In 2020, it decreased by 4.8% compared to 2019. This was influenced by a decrease in domestic demand and exports amid the coronavirus pandemic. COVID-19
Japan's GDP decline was the largest since 2009, when, under the influence of the global financial crisis, the figure fell by 5.7%. In 2020, Japan reduced personal consumption by almost 6%, which forms about 60% of gross domestic product. The volume of exports decreased by 12.3% compared to the indicator of 2019 under the influence of global demand reduction.
Economy Minister Yasutoshi Nishimura said the results show the economy's ability to recover. Consumer spending remains below average, he said, and exports could decline if the virus causes new restrictions in Europe or other important markets.
 | GDP shows that the economy can recover if the virus does not disrupt work, said Yoshimasa Maruyama, chief economist at SMBC Nikko Securities. - The pandemic has not disrupted supply chains or manufacturing capacity like an earthquake, and many households are willing to spend given low unemployment. |  |
Government spending, Bank of Japan credit support and a corporate culture that has traditionally put job security above high wages have helped keep unemployment at just 2.9%.
Nevertheless, the compromise was a reduction in wages, which could limit the recovery of the previous level of consumer spending after the end of the restrictive measures related to the coronavirus.
Over 20 years, Japan's GDP has grown by only 6%.
The immediate prospects depend on how long Japan's state of emergency lasts. The decrease in the number of cases of COVID-19 raises the hope that restrictions may be lifted in some areas before March 7, 2021, but given that hospital capacity is still limited, a final decision has not yet been made.[1]
2018
5.79% of global GDP, 3rd in the world
GDP per capita $39,000
Notes
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