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UK and Japan Economy has slipped into Recession
Context
Britain’s Economy fell into a recession in the second half of 2023 whereas Japan unexpectedly slipped into a recession at the end of last year which led to Japan losing its title as 3rd largest economy to Germany.
The United Kingdom’s Recession
- GDP Woes:
- The UK, once a powerhouse of economic growth, has stumbled into recession.
- In 2023, its gross domestic product (GDP) witnessed a 0.3% decline in the final quarter, following a previous contraction of 0.1% from July to September.
- The Office for National Statistics (ONS) reports that all major sectors—manufacturing, construction, and wholesale—contributed to this downturn.
Japan’s Economic Shift
- Japan, once the world’s second-largest economy, has slipped to fourth place.
- In the final quarter of 2023, Japan’s economy contracted, leading to its replacement by Germany as the third-largest economy globally.
- The annual growth rate for 2023 stood at 1.9%, but the last quarter’s decline of 2.9% signaled a shift in fortunes.
Nominal GDP Tussle:
- Japan’s nominal GDP reached $4.2 trillion in the past year, while Germany’s hovered at $4.4 trillion (or $4.5 trillion, depending on currency conversion).
- With over 7% GDP growth in the financial year 2023-24, India aims to claim the coveted title of the third-largest economy globally within the next three years.
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What is a recession? A recession refers to a sustained period of economic decline. It signifies a significant contraction in economic activity. Types of Recessions
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