"A historic shift on the podium of the world's biggest economic powers: according to the IMF, Germany will overtake Japan in 2023 to become the world's third-largest economy behind the USA and China.
Japan is slipping back in the global hierarchy of the world's most powerful economies. After ceding second place (behind the United States) to China in 2010, the Japanese archipelago may no longer be on the global podium this year. According to projections by the International Monetary Fund (IMF), Germany's nominal gross domestic product (GDP) is set to reach $4,430 billion this year, compared with Japan's $4,230 billion.
A remarkable performance for the European country, despite a population 32% smaller (83 million versus 122). Germany's GDP per capita is now well ahead of Japan's, and is expected to reach $52,824 in 2023, compared with $33,950 for the archipelago's inhabitants.
If these forecasts prove accurate, this change in the world economic order would be historic. Japan became the world's second most powerful country in 1968, overtaking Germany. In the decades that followed, the country became a major financial power, and by 1990 weighed more than Germany, France and the UK combined in terms of GDP. In 1979, Harvard economist Ezra Vogel even predicted that Japan would overtake the United States as the world's leading economy by the year 2000. Nothing came of it.
IMF projections show that the gap could widen between the two countries. In 2025, German GDP would even be 10% higher than Japan's ($4,960 billion vs. $4,525 billion for Japan). "
Have you seen the incredible news that Germany is set to become the world's 3rd largest economy?
This is actually not too surprising. Japan is an island nation with, in demographic terms, the oldest population on Earth. (Italy has the second oldest population.) This was bound to have knock-on effects in terms of productivity and overall economic growth.
One other factor - the article mentions that Japan overtook Germany in 1968. Actually, that is not quite accurate. Japan overtook West Germany. After the Cold War, Germany was reunited, this giving it an immediate boost in population and economic size.
To be sure, East Germany had been a midget - ranking 17th in size globally - but after reunification, eastern Germany was bound to begin to rebound. This also may be a factor in Germany overtaking Japan as the two German economies converged.
I study geoeconomics and geopolitics and I can tell you that it doesn’t matter. Japan and Germany are regional great powers only. Japan is far more significant because it will be on the front lines with the new Cold War going on and they have one of the best navy in the world. Germany doesn’t have much of a military due to the treaty they signed with the Allied powers at the end of WWII.
Moreover, like the Chinese, the Germans have been good at everything - except strategy and war. (they’ve usually been conquered by foreigners). So even with their economic might surpassing the Japanese, it won’t mean much.
German industry profits from EU subsidies and markets but they apple starts to rot from inside. Some big German companies like VW write red numbers due years of mismanagement and lack of innovation. Other companies like fertilizer producer can't operate efficiently without cheap Russian gas, of course German taxpayers have to compensate their margins. High energy and fuel prices are deadly for other industry branches and consumer market. Most immigrants from Maghreb and central Asia don't have the mental capacity to make more complex jobs than floor cleaning and are just a burden for modern industrial economy that needs qualified workforce... etc.
Volkswagen Group posted multi-billion € earnings for every year in the last 23+ years alone, except 2015, where they reported a rather small 1, x billion € loss. They made 15.8 billion € after tax in 2022!
Lot of innovation from Germany, lot of smart people. I would definitely visit if heading to Europe. Thing is I would likely avoid the main cities, I like the countryside more. A riverboat cruise would be cool, if they have them.
Germany's economy is a main reason why the Euro is strong and stable. Whether it's third or fourth is not really that significant. That the German economy is strong and growing is more important than its world ranking.
No I haven´t though I´m German. I avoid watching the news because the main television news times and the newspapers are full of negative news concerning the world.
Weird, because I also read a lot of articles that Germany's economy is also in decline, and that Germany returned to being "a sick man of Europe" it used to be in 90s. I guess it's not seenable now, but will be in near future.
It's cool, but temporary. Germany has such a horrible demographic situation that they are looking at massive economic collapse in the next 10 to 15 years.
As a German tax slave (as per my passport) the country still insists to become who I don't want to be. And to follow rules that I didn't sign up to. All the economic success will not give me the ''freedoms'' that I seek. I do have restrictions over here as well - admitted - but they weigh less on my self-determination.
Yes, I understand that when the Germans, this great industrial people, began immigrating to the United States in the 19th century, they contributed greatly to the industrialization of the United States.
Hence the US military-industrial complex of WW1 and WW2. I'm an engineer myself, my grandfather was one, we have doctors, lawyers, and other engineers in our family. It's in our blood.
@DryGermanGuy Basically all of them. Germany and the EU are the same entity. And you've constantly worked to make sure your country benefited from the EU while the rest of us would get nothing. Even the euro only benefitted you. Same with immigration, your government is constantly calling for more immigration, take the good elements, and give us the rest. Recently you even refused to take in immigrants from Italy, while your EU friend forced all of us to take them. You're also funding the biggest pro-immigration ONG who flood all of us with thousands of migrants every year. You've also sabotaged every military cooperations we had to make european military equipment. You're exporting to Europe but only buy American. You're also fucking up our public services through your need of privatization, again thanks to the EU, we are forced to privatize every public service we have, which leads to worse services, at higher prices. And you've fucked up our energy market too, with the european energy market you've pushed through the EU. You're basically the main reason we have such high prices everywhere, as well as the reason why the EU is working to dismantle the nuclear energy in Europe. Sure, as a german citizen, you're not benefitting much from it, but your government and your companies do.
You are astonishingly clueless. I don't really have the time to explain everything to you, but you might want to consult Wikipedia:
Quote: "Main import partners: European Union 58.6% Netherlands 9.6% Poland 6.6% Italy 5.8% France 5.5% Czech Republic 5.2% Belgium 4.6% China 10% United States 4.8% Switzerland 4.1% United Kingdom 2.9%"
No, and I have a feeling it's going to be a disaster in terms of organization. It's bad enough that when the Champions League final was played, we couldn't guarantee security, so I can't even imagine the result with literally millions of tourists.
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