The Gross Domestic Product (GDP) in Japan expanded 0.60 percent in the fourth quarter of 2024 over the previous quarter. This dataset provides - Japan GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The 1973-1975 recession marked the end of a remarkably prosperous period for developed economies. Apart from the United States, who experienced a brief recession in 1969-70, the other nations had enjoyed a period of uninterrupted growth in the 25 years leading up to this event. Japan in particular had the fastest growth of any major economy. This ended, however, following the 1973 oil crisis, which saw the member states of the OAPEC (Organization of Arab Petroleum Exporting Countries) place an embargo on the nations who supported Israel during the Yom Kippur War, particularly the U.S., who supplied arms to Israel. As a result, oil prices quadrupled in some periods; the U.S. and most of its major economic partners then went into recession due to their dependency on oil imports. Additional factors exacerbated the effects of the recession in each country, such as the miners' strike in the United Kingdom, or Nixon's unstable economic policies in the early 1970s. It was not until 1976 when the major OECD economies would come out of their recession, although real GDP growth rates would not return to the consistent highs experienced in the 1950s and 1960s. Additionally, while GDP growth resumed within a few years, inflation rates and unemployment rates generally remained higher going into the 1980s.

The Gross Domestic Product (GDP) in Japan was worth 4204.49 billion US dollars in 2023, according to official data from the World Bank. The GDP value of Japan represents 3.99 percent of the world economy. This dataset provides - Japan GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Throughout the Second World War, the United States consistently had the largest gross domestic product (GDP) in the world. Additionally, U.S. GDP grew significantly throughout the war, whereas the economies of Europe and Japan saw relatively little growth, and were often in decline. The impact of key events in the war is also reflected in the trends shown here - the economic declines of France and the Soviet Union coincide with the years of German invasion, while the economies of the three Axis countries experienced their largest declines in the final year of the war.

In 2023, the gross domestic product of Japan was estimated to be around 4.22 trillion U.S. dollars. This makes Japan third in the world GDP ranking. However, Japan's GDP is much closer to those countries below it in this ranking, as the two largest economies in the world, the U.S. and China, are both several times larger than that of Japan. After decades of rapid growth in the post-WWII era, Japan's economic growth has stagnated in recent decades, with figures fluctuating between four and 6.3 trillion U.S. dollars since the 1990s.

The main stock market index in Japan (JP225) decreased 2147 points or 5.38% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks this benchmark index from Japan. Japan Stock Market Index (JP225) - values, historical data, forecasts and news - updated on March of 2025.

Japan recorded the lowest growth rate in average wages of the three advanced major economies included here over recent years. However, wages growth started increasing more in June and July 2024. The wage growth in both Japan, the United Kingdom, and the United States stood at around four percent in July that year.

The USDJPY decreased 0.3450 or 0.23% to 150.2290 on Thursday March 27 from 150.5740 in the previous trading session. Japanese Yen - values, historical data, forecasts and news - updated on March of 2025.

The statistic shows the gross domestic product (GDP) per capita in Japan from 1987 to 2023, with projections up until 2029. In 2023, the estimated gross domestic product per capita in Japan was around 33,898.99 U.S. dollars. For further information, see Japan's GDP. Japan's economy Japan is the world’s second largest developed economy and a member of the Group of Eight, also known as G8, which is comprised of the eight leading industrialized countries. Due to a weak financial sector, overregulation and a lack of demand, Japan suffered substantially from the early 1990s until 2000, a time referred to as ‘’The Lost Decade’’. Japan’s economy is still slowly recovering from the country’s asset price bubble collapse; however it continues to struggle to retain economic milestones achieved in the 1980s. Japan’s response to the crash was to stimulate the economy, which in turn resulted in extensive amounts of debt that further increased into the 21st century, most notably after the 2008 financial crisis. Despite maintaining a surprisingly low unemployment rate, demand within the country remains inadequate, primarily because Japanese residents spend a rather small fraction of the money they earned from the workplace. Lower demand often has a direct effect on production, with companies seeing not enough profits to continue production at such a high rate. Based on the consumer confidence index, Japanese households found that their quality of life, income growth, employment and propensity to durable goods was below satisfactory standards, perhaps due to these households still experiencing the effects of the 1990s bubble crash.

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Meetings, Incentives, Conventions, And Exhibitions Market Size 2025-2029

The meetings, incentives, conventions, and exhibitions (MICE) market size is forecast to increase by USD 311.7 billion at a CAGR of 13.3% between 2024 and 2029.

The market is experiencing significant growth driven by the digitalization of travel payments and the rapid increase in globalization. The shift towards digital transactions has streamlined the booking and payment process, making it more convenient for organizers and attendees alike. Additionally, the increasing globalization of businesses has led to an uptick in international events, as companies look to expand their reach and build relationships with partners and clients from around the world. However, the market is not without its challenges. The growing threat of terrorism and other security concerns continues to be a major concern for event organizers, requiring them to invest heavily in security measures to ensure the safety of attendees.
Key trends shaping the MICE market include health concerns leading to increased demand for wellness offerings and sustainable practices, event technology advancements like artificial intelligence and augmented reality, and the interconnectedness and knowledge exchange facilitated by these events. Companies seeking to capitalize on the opportunities presented by the MICE market must stay abreast of these trends and challenges, and be prepared to adapt quickly to changing market conditions. By leveraging technology to streamline operations, investing in security measures, and building strong relationships with clients and partners, businesses can position themselves for success in this dynamic and evolving market.

What will be the Size of the Meetings, Incentives, Conventions, And Exhibitions (MICE) Market during the forecast period?

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The market encompasses a range of business activities, including conferences, exhibitions, seminars, incentive travel, and group tourism. This market is a significant contributor to the global tourism industry, with an estimated size of over USD 1 trillion in annual spending. MICE events provide opportunities for corporations to plan and book various components of their business activities, such as corporate meetings, conference centers, and cultural experiences.
The market's growth is driven by the need for businesses to foster innovation, build relationships, and showcase their products and services to a wider audience. Despite challenges posed by health concerns and economic uncertainty, the MICE market continues to evolve and adapt, ensuring its relevance in today's business landscape.

How is this Meetings, Incentives, Conventions, And Exhibitions (MICE) Industry segmented?

The meetings, incentives, conventions, and exhibitions (MICE) industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Meeting
  Incentive
  Exhibition
  Convention


Service

  Hospitality
  Transportation
  Retail
  Entertainment


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    The Netherlands
    UK


  APAC

    China
    India
    Japan


  Middle East and Africa



  South America

By Type Insights

The meeting segment is estimated to witness significant growth during the forecast period.

The Meetings, Incentives, Conferences, and Exhibitions (MICE) market encompasses various events that bring individuals and businesses together for knowledge exchange, team building, and networking. These events include corporate meetings, seminars, product launches, training sessions, and conferences. The increasing globalization of businesses and economic growth have fueled the demand for such events, as they promote effective communication, motivate teams, and offer opportunities for personal development. Additionally, MICE events serve as platforms for businesses to showcase their products and services, fostering cultural awareness and knowledge exchange.

The market's growth is further driven by technological innovations, such as event technology, artificial intelligence, and data analytics, which enhance the attendee experience and streamline event planning and logistics. Despite challenges like political instability, travel restrictions, and health concerns, the MICE industry remains a significant contributor to the global economy, generating substantial economic impact for destinations and businesses alike.

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The Meeting segment was valued at USD 105.60 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 37% to the growth of

In 1800, the population of Japan was just over 30 million, a figure which would grow by just two million in the first half of the 19th century. However, with the fall of the Tokugawa shogunate and the restoration of the emperor in the Meiji Restoration of 1868, Japan would begin transforming from an isolated feudal island, to a modernized empire built on Western models. The Meiji period would see a rapid rise in the population of Japan, as industrialization and advancements in healthcare lead to a significant reduction in child mortality rates, while the creation overseas colonies would lead to a strong economic boom. However, this growth would slow beginning in 1937, as Japan entered a prolonged war with the Republic of China, which later grew into a major theater of the Second World War. The war was eventually brought to Japan's home front, with the escalation of Allied air raids on Japanese urban centers from 1944 onwards (Tokyo was the most-bombed city of the Second World War). By the war's end in 1945 and the subsequent occupation of the island by the Allied military, Japan had suffered over two and a half million military fatalities, and over one million civilian deaths.

The population figures of Japan were quick to recover, as the post-war “economic miracle” would see an unprecedented expansion of the Japanese economy, and would lead to the country becoming one of the first fully industrialized nations in East Asia. As living standards rose, the population of Japan would increase from 77 million in 1945, to over 127 million by the end of the century. However, growth would begin to slow in the late 1980s, as birth rates and migration rates fell, and Japan eventually grew to have one of the oldest populations in the world. The population would peak in 2008 at just over 128 million, but has consistently fallen each year since then, as the fertility rate of the country remains below replacement level (despite government initiatives to counter this) and the country's immigrant population remains relatively stable. The population of Japan is expected to continue its decline in the coming years, and in 2020, it is estimated that approximately 126 million people inhabit the island country.

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Golf Tourism Market Size 2025-2029

The golf tourism market size is forecast to increase by USD 10.13 billion at a CAGR of 7% between 2024 and 2029.

The market is experiencing significant growth due to the increasing emphasis on golf infrastructure development worldwide. This trend is driven by the growing popularity of golf as a recreational activity and the expansion of golf courses in various regions. Another key factor fueling market growth is the advent of integrated mobile solutions in golf clubs and other equipment, which enhances the overall golfing experience for players. However, the market faces challenges from the increasing threat of fantasy sports, which offer similar entertainment value and convenience to golf enthusiasts. Despite these challenges, the golf tourism industry is expected to continue its growth trajectory, driven by the ongoing investment in golf infrastructure and the adoption of technology to enhance the golfing experience.

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The golf sport continues to be a significant contributor to the global tourism industry, with golf tourism representing a substantial segment. The market is driven by various factors, including the availability of high-quality sporting infrastructure, such as golf courses, and the hosting of international sporting events, like the RBC Canadian Open and the Aramco Team Series. Economies of various destinations invest in golf courses and related facilities to attract domestic and international tourists. Local governments and tourism boards collaborate to offer accommodation, dining, and leisure activities catering to golf enthusiasts. Female golfers constitute a growing demographic in this market. Golf Saudi, for instance, has made strides in promoting the sport among women.
Moreover, corporate golf events also contribute to the market's growth. An effective inventory management system is crucial for golf businesses to meet the demands of this dynamic market. Golf tourism continues to be a vital sector In the sport tourism industry, offering unique experiences for travelers and contributing to economic growth.

How is this Golf Tourism Industry segmented and which is the largest segment?

The golf tourism industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  Male
  Female


Type

  Domestic
  International


Geography

  North America

    Canada
    US


  APAC

    China
    India
    Japan
    South Korea


  Europe

    Germany
    UK
    Spain


  South America

    Brazil


  Middle East and Africa

By End-user Insights

The male segment is estimated to witness significant growth during the forecast period.

Golf tourism caters to a demographic of predominantly middle-aged males and spectators, driven by an increased interest in golf and enhanced living standards. The market's expansion is significant, with growth expected to continue due to the increasing number of golf destinations. This sector encompasses golf enthusiasts traveling for sports events, nostalgia, and active participation. The global golf market's growth is fueled by factors such as improved sports infrastructure and a growing male interest in golf. World-class golf courses, top-notch facilities, and personalized experiences attract discerning travelers. Corporate groups, retreats, conferences, and team-building activities also contribute to the market's growth. Golf tourism encompasses various segments, including domestic and international applications.

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The male segment was valued at USD 13.95 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 39% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in North America, specifically In the US and Canada, holds a significant market share. South America's golf tourism sector exhibits promising growth due to strong economies, suitable weather conditions, diverse terrains, and extensive golf media exposure. Although golf participation rates remain stable, the number of rounds played and golfers has risen over the past few years. This growth in golfer activity positively impacts the golf industry and, in turn, the market. Golf tourism caters to discerning travelers seeking world-class courses, top-notch facilities, and personalized experiences. Reno

From the Summer of 2007 until the end of 2009 (at least), the world was gripped by a series of economic crises commonly known as the Global Financial Crisis (2007-2008) and the Great Recession (2008-2009). The financial crisis was triggered by the collapse of the U.S. housing market, which caused panic on Wall Street, the center of global finance in New York. Due to the outsized nature of the U.S. economy compared to other countries and particularly the centrality of U.S. finance for the world economy, the crisis spread quickly to other countries, affecting most regions across the globe. By 2009, global GDP growth was in negative territory, with international credit markets frozen, international trade contracting, and tens of millions of workers being made unemployed.

Global similarities, global differences

Since the 1980s, the world economy had entered a period of integration and globalization. This process particularly accelerated after the collapse of the Soviet Union ended the Cold War (1947-1991). This was the period of the 'Washington Consensus', whereby the U.S. and international institutions such as the World Bank and IMF promoted policies of economic liberalization across the globe. This increasing interdependence and openness to the global economy meant that when the crisis hit in 2007, many countries experienced the same issues. This is particularly evident in the synchronization of the recessions in the most advanced economies of the G7. Nevertheless, the aggregate global GDP number masks the important regional differences which occurred during the recession. While the more advanced economies of North America, Western Europe, and Japan were all hit hard, along with countries who are reliant on them for trade or finance, large emerging economies such as India and China bucked this trend. In particular, China's huge fiscal stimulus in 2008-2009 likely did much to prevent the global economy from sliding further into a depression. In 2009, while the United States' GDP sank to -2.6 percent, China's GDP, as reported by national authorities, was almost 10 percent.

In 2023, Japan had an average inflation rate estimated at 3.21 percent, marking the highest rate of inflation in Japan in almost a decade. However, this figure was still very low compared to most other major economies, such as Japan's fellow G7 members, four of which had inflation rates around six or seven percent in 2023 due to the global inflation crisis. Why is Japan's inflation rate lower? There are a number of contributing factors to Japan's relatively low inflation rate, even during economic crises. Japan eased its Covid restrictions more slowly than most other major economies, this prevented post-pandemic consumer spending that may have driven inflation through supply chain issues caused by higher demand. As the majority of Japan's food and energy comes from overseas, and has done so for decades, the government has mechanisms in place to prevent energy and wheat prices from rising too quickly. Because of this, Japan was able to shield its private sector from many of the negative knock on effects from Russia's invasion of Ukraine, which had a significant impact on both sectors globally. Persistent deflation and national debt An additional factor that has eased the impact of inflation on Japan's economy is the fact that it experienced deflation before the pandemic. Deflation has been a persistent problem in Japan since the asset price bubble burst in 1992, and has been symptomatic of Japan's staggering national debt thereafter. For almost 30 years, a combination of quantitative easing, low interest rates (below 0.5 percent since 1995, and at -0.1% since 2016), and a lack of spending due to low wages and an aging population have combined to give Japan the highest national debt in the world in absolute terms, and second-highest debt in relation to its GDP, after Venezuela. Despite this soaring debt, Japan remains the fourth-largest economy in the world, behind the U.S., China, and Germany.

The statistic shows the gross domestic product (GDP) of the United States from 1987 to 2023, with projections up until 2029. The gross domestic product of the United States in 2023 amounted to around 27.72 trillion U.S. dollars. The United States and the economy The United States’ economy is by far the largest in the world; a status which can be determined by several key factors, one being gross domestic product: A look at the GDP of the main industrialized and emerging countries shows a significant difference between US GDP and the GDP of China, the runner-up in the ranking, as well as the followers Japan, Germany and France. Interestingly, it is assumed that China will have surpassed the States in terms of GDP by 2030, but for now, the United States is among the leading countries in almost all other relevant rankings and statistics, trade and employment for example. See the U.S. GDP growth rate here. Just like in other countries, the American economy suffered a severe setback when the economic crisis occurred in 2008. The American economy entered a recession caused by the collapsing real estate market and increasing unemployment. Despite this, the standard of living is considered quite high; life expectancy in the United States has been continually increasing slightly over the past decade, the unemployment rate in the United States has been steadily recovering and decreasing since the crisis, and the Big Mac Index, which represents the global prices for a Big Mac, a popular indicator for the purchasing power of an economy, shows that the United States’ purchasing power in particular is only slightly lower than that of the euro area.

This statistic shows the distribution of the gross domestic product (GDP) across economic sectors in Japan from 2012 to 2022. In 2022, agriculture contributed around 1.02 percent to Japan's GDP, 26.92 percent came from the industry and 71.39 percent from the service sector. For further information, see Japan's GDP.

The gross domestic product of the United Kingdom was around 2.56 trillion British pounds, an increase when compared to the previous year, when UK GDP amounted to about 2.54 trillion pounds. The significant drop in GDP visible in 2020 was due to the COVID-19 pandemic, with the smaller declines in 2008 and 2009 because of the global financial crisis of the late 2000s. Low growth problem in the UK Despite growing by 0.9 percent in 2024, and 0.4 percent in 2023 the UK economy is not that much larger than it was before the COVID-19 pandemic. Since recovering from a huge fall in GDP in the second quarter of 2020, the UK economy has alternated between periods of contraction and low growth, with the UK even in a recession at the end of 2023. While economic growth picked up somewhat in 2024, GDP per capita is lower than it was in 2022, following two years of negative growth. How big is the UK economy in relation to the rest of the world? As of 2024, the UK had the sixth-largest economy in the world, behind the United States, China, Japan, Germany, and India. Among European nations, this meant that the UK currently has the second-largest economy in Europe, although the economy of France, Europe's third-largest economy, is of a similar size. The UK's global economic ranking will likely fall in the coming years, however, with the UK's share of global GDP expected to fall from 2.16 percent in 2025 to 2.02 percent by 2029.  

The statistic shows the growth of the real gross domestic product (GDP) in India from 2019 to 2024, with projections up until 2029. GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator of the economic strength of a country. Real GDP is adjusted for price changes and is therefore regarded as a key indicator for economic growth. In 2024, India's real gross domestic product growth was at about 7.02 percent compared to the previous year. Gross domestic product (GDP) growth rate in India Recent years have witnessed a shift of economic power and attention to the strengthening economies of the BRIC countries: Brazil, Russia, India, and China. The growth rate of gross domestic product in the BRIC countries is overwhelmingly larger than in traditionally strong economies, such as the United States and Germany. While the United States can claim the title of the largest economy in the world by almost any measure, China nabs the second-largest share of global GDP, with India racing Japan for third-largest position. Despite the world-wide recession in 2008 and 2009, India still managed to record impressive GDP growth rates, especially when most of the world recorded negative growth in at least one of those years. Part of the reason for India’s success is the economic liberalization that started in 1991and encouraged trade subsequently ending some public monopolies. GDP growth has slowed in recent years, due in part to skyrocketing inflation. India’s workforce is expanding in the industry and services sectors, growing partially because of international outsourcing — a profitable venture for the Indian economy. The agriculture sector in India is still a global power, producing more wheat or tea than anyone in the world except for China. However, with the mechanization of a lot of processes and the rapidly growing population, India’s unemployment rate remains relatively high.

The statistic shows the national debt of Japan from 2019 to 2021, with projections up until 2029. The amount of Japan's national debt in 2022 amounted to about 9.16 trillion U.S. dollar. In a ranking of debt to GDP per country, Japan is thus currently ranked first.

Japan's economic power

With one of the largest gross domestic products (GDP), Japan is among the largest economies in the world. However, ever since the global financial crisis, Japan's GDP - like many others - has been slightly unstable; Japan even reported a negative GDP growth in comparison to the previous year in 2011 and in 2014. Still, it is estimated that gross domestic product in Japan will continue to thrive over the next decade. One indicator is Japan's inflation rate: Despite the aforementioned economic slumps, Japan has managed to maintain one of the lowest inflation rates in the world, and it also reduced its unemployment rate. Between 2010 and 2013, the unemployment rate in Japan decreased by approximately one percent, and it is expected to drop even lower over the next years.

Recently, Japan has been reporting a trade deficit, meaning the value of its imports exceeds the value of its exports. Most of these imports have come from China and the United States. The trade deficit is one of the causes for in an increase of the national debt. It is estimated that the national debt in relation to the GDP will increase further until 2020.

In 2024, the total labor force in Japan was composed of approximately 69.6 million people. The labor force increased from about 69.3 million in the previous year. Women in the labor forceDue to its demographical circumstances, Japan has a relatively low unemployment rate. As a consequence, companies employ different strategies to secure labor. The employment of women is seen as one of the possible solutions to the labor shortages. In recent years, women have increasingly joined the labor force in Japan, which is reflected by a growth of the female employment rate. This growing participation in the labor market is partly underpinned by an expansion of the service sector. Additional workforceNext to women, the growing number of foreign workers, as well as higher participation of the elderly are also worth mentioning. A breakdown of the labor force by age groups showed that in 2024, close to 9.5 million people were continuing to participate in the labor market beyond the set retirement age of 60 or 65 years.