Germany will take Japan's place as the world's third largest economy in 2023. Germany suffers from weak external demand, energy costs and interest rates raised by the European Central Bank.
India could overtake both Japan and Germany within a few years, still in nominal GDP denominated in dollars. Japan is experiencing a technical recession, a slight surprise given that the consensus of economists from the Bloomberg agency had predicted a slight rebound of 0.2% in the fourth quarter. The IMF predicts moderate growth in Japan this year (+0.9%).