Preface

As we have now passed the midpoint of 2024, the economic reports for the first half of the year from countries around the world have also been released one after another, with the economic reports of the United States and Japan being particularly eye-catching.

In the current situation where international tensions are escalating, the United States' GDP for the first half of the year has astonishingly exceeded 14 trillion. In contrast, the gap between the two is not a small one, and the GDP of our country is even more surprising.

Why is the GDP of Japan, a developed country, so low in the first half of the year? And how much is China's?

U.S. GDP

As the world's leading economic power, the annual gross domestic product and economic situation of the United States are data that the entire world pays great attention to. It cannot be denied that the U.S. economy has a significant impact on the global economy.

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Once the global gross domestic product data report for the first half of the year was released, the current economic situation of various countries became clear at a glance.

Furthermore, with professional analysis from industry insiders, even those who are not very familiar with the subject can discern the existing problems in the U.S. economy. In the first half of the year, there is a noticeable difference between the data of the first and second quarters.

In the second quarter report, the U.S.'s actual GDP annualized quarter-on-quarter preliminary value is 2.8%, which may seem unremarkable, but it has actually exceeded previous expectations and is far higher than the first quarter's value of 1.4%.

When the value for the first quarter was released, it sent a shockwave through many U.S. economists because the number was somewhat beyond their imagination—it was too low, which is quite uncharacteristic for an economic powerhouse.In their estimation, the U.S. first-quarter figures should be around 2.5%, but no one expected that the final numbers would not even reach 2%.

It was initially thought that the second quarter would continue the first quarter's trend of persistent sluggishness, but surprisingly, it doubled, and in the end, the U.S. GDP for the first half of the year exceeded 14 trillion U.S. dollars, which translates to 99.5 trillion yuan.

However, when compared to last year, this year's growth rate is not particularly fast. The fundamental reason for the slow growth rate is that the U.S. economy has entered a slow phase, all due to the government's long-term maintenance of high-interest-rate policies.

Therefore, although the U.S. economy is steadily growing upwards, the pace is noticeably slower than before, and even the national debt is growing rapidly, setting a new historical high.

It can be said that the current U.S. economic policies are no longer suitable for the current situation, and if changes are not made in the future, the economic situation may face a rather severe dynamic.

Compared to the economic powerhouse of the U.S., why is there such a significant difference in Japan's GDP for the first half of the year?

Current State of Japan's GDP

Speaking of the period of vigorous development of the Japanese economy, it seems to be in the last century. Just a few decades later, Japan's economy has now entered a period of stagnation.

Japan had also suffered an economic crisis before, but with the help of the United States, the economy recovered and even developed to an unprecedented peak period.

At that time, the world was immersed in the pursuit of "Made in Japan," which also led to a significant boost to Japan's economy, allowing it to develop rapidly and become an economic power at that time.As the global economy continues to change, Japan's economy has also started to decline gradually. The most evident aspect is the economic situation in recent years.

Unlike the United States, which has been able to maintain steady growth, Japan's performance in the first half of this year has been somewhat disappointing, with the entire economy remaining stagnant.

According to official statistics, Japan's GDP for the first two quarters of this year showed a downward trend on a quarter-on-quarter basis. The most noticeable was a decrease of 0.5% in the first quarter, even showing a trend of negative growth, while the second quarter saw an increase of 0.8%, which exceeded previous expectations.

Although the second quarter was slightly better than the first, the subsequent period still faces the serious situation of economic stagnation, which also indicates that Japan's current economic situation is very severe.

However, the reasons for the sluggish economic situation seem to be closely related to consumer spending and product exports.

With the declining birth rate in Japan in recent years, the number of young people is also decreasing, which has led to a gradual weakening of demand in the consumer market, followed by a series of chain reactions. A lack of labor force makes it difficult for businesses to operate.

Over time, Japan's economy has started to show a "weak consumption" phenomenon. Moreover, for more than a decade, Japan's export rate has not grown, which is already an abnormal phenomenon, not to mention accelerating economic development.

In addition, the Japanese yen has been depreciating, and when converted to US dollars, it becomes even less valuable. However, in contrast, Japan's stock market has been growing wildly, but the economic benefits still show no significant improvement.

Comparing the United States and Japan, the gap between them is quite significant, with a direct difference of nearly 12 trillion US dollars.

China's GDP in the first half of the yearAccording to the official statistical data report, in the first half of this year, China's GDP reached 61.68 trillion yuan, achieving a year-on-year increase of 5%. Compared with the United States' 99.5 trillion yuan, although China is still far from this figure, this achievement is quite commendable, and it still holds the second position in the world economy. Looking at the current international situation, it is quite remarkable for China to maintain such data, especially considering the tense international environment and the United States' covert manipulation of some international economic developments, even increasing export interest rates. All of this indicates a deliberate targeting of China. However, China's development to its current state is not easily shattered, and its stable growth is inseparable from the vigorous development of various domestic industries. For example, in the high-tech field, China's technology sector has spread nationwide, visible in both the Central Plains and the southern economic circle. At the same time, the development of heavy industry is also accelerating. As a manufacturing powerhouse, China's products are appreciated and liked by many foreign countries, not only for their quality but also for their powerful functions, such as in shipbuilding and automobiles. Although there is still a significant gap between China and the United States, the U.S. data seems not entirely reliable, as evidenced by the recent scandal of the United States openly admitting to data falsification. The reason for such despicable behavior is that China's economic development has exceeded the United States' expectations, posing a threat to its position as the economic leader. Then, they resort to some underhanded tactics to cause some damage to China's economy. However, it seems that the ultimate victim is only the United States itself, as China has already won a small victory in this competition without any smoke. This may also indirectly confirm that China's current economic strength is substantial enough to withstand the United States' malicious competition. In conclusion,Whether it is the United States or Japan, GDP is a very important data, which is related to the economic level of the country. However, it is also not advisable to rely too much on the cold number of GDP. The quality of people's daily lives is the best reference for economic development.

In the end, I believe that China in the future, no matter what kind of difficulties and dangers it encounters, will only move forward with determination, realize the great rejuvenation dream of the Chinese nation, and eventually become the world's largest economic power.