Why japanese economy didn't surpass united states?
Answers
Japan's economy produced $5.6 trillion in 2018, as measured by purchasing power parity. It allows you to compare the gross domestic product of countries that use different exchange rates.
It's the world's fifth largest economy after China, the European Union, the United States, and India. But it's not on pace to catch up because it only grew 1.1%.
Japan has 127 million people. Its gross domestic product per capita is $44,550 or 32nd highest in the world. That makes its standard of living lower than the United States or Germany. But it's higher than its Asian competitors, China, and South Korea.
Japan has a mixed economy based on capitalism. But its government works closely with industry. And its central bank works closely with the government.
Trade
Japan's largest exports are automobiles and parts, steel products, and semiconductors. As the world moves toward electric vehicles to combat climate change, it will hurt Japan's economy. Electric vehicles use one-third fewer parts than gas-powered vehicles.
To meet these challenges, Japan’s government wants manufacturers to stop building conventional cars by 2050. China, the world’s biggest car market, already has a goal of 1 in 5 vehicles running on batteries by 2025
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Answer:
Explanation:
Japan's economy produced $5.6 trillion in 2018, as measured by purchasing power parity. It allows you to compare the gross domestic product of countries that use different exchange rates.
It's the world's fifth largest economy after China, the European Union, the United States, and India. But it's not on pace to catch up because it only grew 1.1%.
Japan has 127 million people. Its gross domestic product per capita is $44,550 or 32nd highest in the world. That makes its standard of living lower than the United States or Germany. But it's higher than its Asian competitors, China, and South Korea.
Japan has a mixed economy based on capitalism. But its government works closely with industry. And its central bank works closely with the government.
Trade
Japan's largest exports are automobiles and parts, steel products, and semiconductors. As the world moves toward electric vehicles to combat climate change, it will hurt Japan's economy. Electric vehicles use one-third fewer parts than gas-powered vehicles.
To meet these challenges, Japan’s government wants manufacturers to stop building conventional cars by 2050. China, the world’s biggest car market, already has a goal of 1 in 5 vehicles running on batteries by 2025