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Japan Loses Its Spot as World's Third-Largest Economy as It Slips Into Recession
(www.bloomberg.com)
this post was submitted on 15 Feb 2024
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Isn't Japan a well known case of chronic recession lasting for decades since the 90s? There are more general issues that other East Asian countries share like population decline.
And paywalls. Why.
Yes. The country grew quickly until its bubble popped, then hasn't been able to grow much since then.
You have population decline, but you also have a greater resistance to change in the workforce, zombie companies, and an IT infrastructure stuck in the 90's.
Yup! There's a funny line in Economics.
"There are 4 types of economies: Developed, Developing, Japan, and Argentina"
Argentina is a country that acts like a developed economy, but isn't. Japan is a country that acts like a developing economy, but isn't.