Japan has lost its position as the world’s third-largest economy to Germany, indicating declining economic competitiveness and productivity, largely attributed to its aging population and declining birth rates. What Happened: As per government data released on Thursday, Japan’s nominal GDP for 2023 was $4.2 trillion, or approximately 591 trillion yen. This places Japan behind Germany, whose nominal GDP was $4.4 trillion, or $4.5 trillion, depending on the currency conversion, reported the Associated Press. Japan’s economy has been on a downward trajectory for some time. It fell from the second…
