Collapsed Japan, advanced Germany...!? Then India?

Sowmiya Sriram
Collapsed japan, advanced Germany...!? Then India?
Japan, which was ranked third in the world's largest economies, has fallen to fourth place. germany has now taken over the place. Economists are warning that the global economy is headed for recession. Economists advise people to reduce their spending. As a result of the recession, many companies are downsizing. In this situation, japan has lost the third place due to the economic slowdown in Japan. That is, America is the first largest economy in the world and china is the second largest economy.
According to the report, Japan's economy has contracted for two consecutive quarters. In 2023, Japan's GDP is projected to reach ¥591.48 trillion ($4.2 trillion). Germany's GDP grew by 6.3 percent. It stands at 4.12 trillion euros ($4.46 trillion). Due to the economic slowdown in japan, the price of food and fuel increased, and their consumption decreased by 0.2 percent.
94 percent of Japan's fuel needs are imported. Due to the rising cost of imports, there is a slowdown in the economy. This is stated in the report. Economists say that india has strengthened its economy based on investment and domestic demand. It is said that India's economy will grow at 6.3 percent in the current financial year.
While the superpowers are facing economic challenges, India's economy is growing rapidly. India's contribution to global GDP is 3 percent. india is the fifth largest economy in the world and still maintains that position.

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