herald

Wednesday 16 January 2019

China is No2 economy

CHINA has overtaken Japan in the rankings of the world's biggest economy.

Japan's post-war "economic miracle" put it at number two behind the United States for the past 42 years.

But data released today revealed that there was a contraction in the last quarter due to weak consumer spending and a strong yen.

However, Japan remains around 10 times richer on a per- capita basis, according to the International Monetary Fund.

The Japanese economy grew 3.9pc in 2010, its first annual growth in three years but this was not enough to keep it ahead of surging China.

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