They got overtaken by Germany a country with 50% lower population and the gap is widening. Their gdp per capita is below some Eastern European countries and way below other developed countries that used to have similar gdp per capita. Yen’s devaluation is getting faster so in the future I don’t think Japan can even be called a first world country anymore. What exactly caused this? I know Japan has been in recession since the early 90s but this last few years seem to be extra harsh on Japan
In: Economics
I reject the premise of the question categorically. The Japanese miracle in the 20th century moved a country that was rubble at the end of WWII to the second strongest economy in the world in the span of less than 30 years. They fully achieved economic goals in multiple areas. They are number one in an array of categories in industry (automobiles, robotics, precision machinery, chemicals, pharmaceuticals) and science, especially applied science (materials science, semiconductors, astronomy, biotech, earthquake and disaster research). Not a “first world country”? Pfft.
Latest Answers