Japan has unexpectedly slipped into a recession as its economy contracted for two consecutive quarters.
In the last three months of 2023, the country's gross domestic product (GDP) contracted by a worse-than-expected 0.4% compared to the previous year, following a 3.3% shrinkage in the preceding quarter. These figures, released by Japan's Cabinet Office, also signify a loss of Japan's status as the world's third-largest economy to Germany.
Economists had anticipated a GDP growth of over 1% for Japan in the fourth quarter of the previous year, making these latest figures a surprise. However, they are subject to potential revisions as they represent the initial readings of Japan's economic performance for the period.
The consecutive quarters of economic contraction meet the technical definition of a recession. In October, the International Monetary Fund (IMF) forecasted Germany's likely ascension over Japan as the third-largest economy when measured in US dolla ...
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