Japan, one of the world's leading economies, has taken an unexpected hit as it slips into a recession. This surprising turn of events has caused Germany to claim the position of the world's third-largest economy.
Japan's economic status has long been characterized by resilience and growth. However, the COVID-19 pandemic has dealt a severe blow to the nation's economy. Official data released by the Japanese government reveals that the country's gross domestic product (GDP) contracted by an annualized rate of 3.4% in the first quarter of this year, following a 7.3% decline in the previous quarter. With two consecutive quarters of negative growth, the technical definition of a recession is met.
