TITLE

Overcoming the global crisis: the need for a new growth model

PUB. DATE
September 2009
SOURCE
OECD Economic Surveys: Japan;Sep2009, Vol. 2009 Issue 18, p21
SOURCE TYPE
Country Report
DOC. TYPE
Article
ABSTRACT
Despite its limited direct exposure to the global financial crisis, Japan's export-dependent economy has fallen into its deepest recession of the post-war era. Prompt actions to stabilise financial markets, provide a large fiscal stimulus and cut interest rates are projected to lead to positive output growth in the second half of 2009. However, the pace is projected to remain sluggish at less than 1% in the context of a protracted recovery in world trade that will limit Japanese export growth. Meanwhile, fiscal consolidation will become a priority as the gross public debt is projected to reach 200% of GDP by 2010. Sustaining output growth must depend increasingly on boosting private domestic demand, requiring economic reforms, particularly in the labour market and the non-manufacturing sector. The key objectives should be to stem labour market dualism, which puts downward pressure on wages, and to pursue regulatory reform, particularly in services, to increase productivity.
ACCESSION #
45411181

 

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