U.S, Feb. 17 -- According to the latest official data, Japan has lost its position as the world's third largest economy after unexpectedly falling into recession at the end of last year. As of now, Germany has taken over the third spot in terms of nominal GDP.

The fourth quarter of last year saw a contraction in GDP of 0.4% on an annualized basis, marking a decline from the previous quarter's 3.3% slump. This result was unexpected as market predictions anticipated a growth of 1.4% during the final three months of the year. In broad terms, a technical recession is characterized by two consecutive quarters of economic contraction.

Private consumption experienced a 0.9% annualized decline in the fourth quarter, while corporate investment s...