Japan in the grip of recession due to decline in GDP

A decline in Japan's GDP has plunged it into recession and it has lost its place as the world's third largest economy. Japan's GDP has dropped to $4.2 trillion, while Germany's GDP has overtaken it at number three at $4.5 trillion.

Experts say that the lack of momentum in Japan's economy is likely to continue as there is no major factor for growth. Meanwhile, the UK economy has also faced a slowdown in the last six months of 2023, posing a challenge for Prime Minister Rishi Sunak, as elections are due at the end of 2024.

Sunak promised voters last year to boost the economy. His Conservative Party has long dominated British politics, but according to opinion polls, people are now leaning more towards the Labor Party when it comes to the economy.