— Latest update: April 2022 —
Third largest economy in the world, Japan had a GDP worth 539,071.6 billion JPY in 2020.
The country is also a high-tech powerhouse economy in Asia: in the fiscal year 2020, the expenditures on research and development (R&D) in Japan equated to 3.59% of the country's GDP. Exports are an important growth driver of Japan, the external demand accounting for 15.53% of its total GDP in 2020.
Due to the COVID-19 pandemic, the economy actively tumbled in 2020, with a governmental debt reaching unprecedented highs, followed by a partial bounce back in 2021, despite some remaining difficulties. A new economic package has been established, and while its effects are still to be determined, the projected result is a spur of the economy in the short run and a support of the long-term growth.
> For an economic overview of each of the 47 prefectures of Japan, please see our dedicated Regions and Prefectures page.
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