Japan’s Economic Growth Slows to 0.2% in Q3 Amid Multiple Challenges

Japan’s economic growth has significantly slowed in the third quarter of 2024, with the country’s Gross Domestic Product (GDP) increasing by only 0.2% compared to the previous quarter. This marks a notable decline from the 0.5% growth seen in Q2, according to the preliminary estimate released by the government on Friday.

Several factors have contributed to the slowdown, including the impact of a powerful typhoon, a government-issued “megaseismic” alert, and sluggish consumer spending. These events have weighed heavily on Japan’s economic activity, despite the nation being the world’s fourth-largest economy.

The 0.2% growth figure is in line with the median forecast from economists surveyed by Bloomberg. The outlook for Japan’s economy remains uncertain as the country grapples with these ongoing challenges, which have raised concerns about its future recovery prospects.