Japan Economic Review
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Japan has been registering positive economic growth despite global economic crisis pressures. But like any of other countries, Japan too has been significantly affected by current financial crisis. Growth predictions for Japan are on a lower side, considering its capabilities to ward off adverse effects of global economic crisis. Japan economic reviews presents a better picture of this nation’s economic condition.
Japan’s GDP growth review
Japan has been registering positive economic growth despite global economic crisis pressures. But like any of other countries, Japan too has been significantly affected by current financial crisis. Growth predictions for Japan are on a lower side, considering its capabilities to ward off adverse effects of global economic crisis. Japan economic reviews presents a better picture of this nation’s economic condition.
Japan’s GDP growth review
Organization for Economic Co-operating and Development, popularly known as OECD, had earlier forecast a growth percentage of 1.6 percent for Japan’s economy in 2008. This prediction was made in April 2008. This nearly matches with gross domestic product growth predictions of 1.5 percent made by International Monetary Fund for 2008-09. Factors inducing lower rate of gross domestic growth rate may include weak business investments as also lower private consumption.
In 2008, GDP of Japan was worth around $4438.698 billion. That was an improvement of more than 3.4 percent over previous year figure. In 2007, gross domestic product of Japan was around $4289.809 billion.
How can Japan cope with global economic slowdown?
Japan has done fairly well in coping with global economic meltdown, but a lot still needs to be done in order to fully counter this growing menace. For example, Japanese government should try to formulate and implement policies that will help in reducing public debt, that has grown to huge proportions. It can also work towards spendings related to needs and requirements of aged people in Japan.
Weak areas for Japan’s economy
Deflation has been a major area of concern for Japanese government. What has been suggested is to introduce monetary measures that would help in countering deflationary pressures in Japan. Income inequality is another big problem that Japan’s economy has been suffering from. In this regard, introducing tax reforms could be of assistance. Tax reforms are also needed to increase revenues for Japan’s national government.
