The United Kingdom UK and the Japan economy has entered into recession.
Japan’s nominal GDP stood at $4.21 trillion in 2023, falling below $4.46 trillion for Germany to rank as the world’s fourth largest economy. Reuters
Japan has unexpectedly slipped into a recession and has likely lost its position as the world’s largest economy to Germany.
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This comes after the United Kingdom also dipped into a recession at the end of last year, First Post American reports.
Meanwhile, UK economy has entered recession after recording two successive quarters of negative economic growth in the second half of last year, official data showed on Thursday.
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The Office for National Statistics said in a statement, meeting the technical definition of a recession, the gross domestic product shrank by 0.3 per cent in the fourth quarter of 2023 after contracting 0.1 per cent in the previous three months.
Britain slid into recession last year on elevated inflation and a cost-of-living crisis, official data showed Thursday, dealing a blow to Prime Minister Rishi Sunak before this year’s general election.