Unless I’m becoming senile (very possible), a recent Bloomberg article is total nonsense:
The Land of the Rising Sun experienced its largest decline in population last year, or more than 500,000 annually to 125.4 million, and residents are living longer than 84 years on average (fourth among 240 countries). And yet, the No. 3 economy had the most significant per capita increase in gross domestic product between 2013 and 2022 in local currency terms. That 62% appreciation to 4.72 million yen ($32,000) as the size of its society shrank 2% easily surpassed the US (16% with a 6% rise in population), Canada (45% and 12%), UK (48% and 5%) Germany (32% and 5%), France (33% and 3%) and Italy (30% and -1%), according to data compiled by Bloomberg.
What???? Those figures don’t seem even close to being accurate. US per capita nominal GDP growth has vastly exceeded growth in Japan. What am I missing here?
(Even if you used real GDP, the figures would be nonsense. But the article says “local currency terms”.)
PS. Is this the same Bloomberg unit that told us last October there was a 100% chance of a US recession within 12 months?
A US recession is effectively certain in the next 12 months in new Bloomberg Economics model projections . . . with the 12-month estimate of a downturn by October 2023 hitting 100%, up from 65% for the comparable period in the previous update.