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The problems of Japanese agriculture – in particular low productivity and the prevalence of part-time farmers and small plots have been evident for the past 50 years.
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With gross government debt surpassing 200% of GDP, Japan’s fiscal situation is in uncharted territory. In addition to robust nominal GDP growth, correcting two decades of budget deficits requires a large and sustained fiscal consolidation based on a detailed and credible multi-year plan that includes measures to control spending and raise revenue.
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The coming expansion will be driven by exports, and should increase business investment and employment and bring an end to deflation. While we are encouraged by these developments, it remains critically important for Japan to address extremely high and still rising levels of government debt and other challenges posed by its ageing population, said OECD Secretary-General.
Japan's key challenges are to achieve sustained growth and fiscal sustainability. The three-pronged strategy combining bold monetary policy, flexible fiscal policy and a growth strategy should be effectively implemented to realise these goals.
Japan is poised for an economic expansion, but long-term growth prospects remain contingent on additional efforts to revitalise the economy and reduce unsustainable levels of public debt, according to the OECD’s latest Economic Survey of Japan.
24-April-2012
Japanese, , 2,428kb
日本には、拠りどころとなる大きな強みがいくつかある。特に国民の教育水準が非常に高く、そのことが東日本大震災を経済と社会を強くする機会へと変えることには疑いの余地がない。それでも、様々な分野において改革は必要である。再生に向けた戦略の1つの核となるのは税制改革である。これは税収を増やすのみならず、経済成長を促し、かつそれをよりグリーンで、包摂的なものとするためでもある.
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24-April-2012
English, , 1,645kb
Japan has several major strengths it can draw upon but major reforms are needed on several fronts. A keystone of the Revitalisation strategy is tax reform, not only to boost revenues but also to support growth and make it greener and more inclusive.
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The Great East Japan Earthquake took a heavy toll of human lives and inflicted a massive economic damage, estimated at 3½ per cent of GDP. This event requires considerable time and a nation-wide effort of reconstruction. This is the first component of Prime Minister Noda’s “Strategies to Revitalise Japan”, which we very much welcome and support, said OECD Secretary-General.
Country Notes from OECD Economic Policy Reforms: Going for growth 2011 presenting OECD recommendations for structural reform priorities for individual countries.
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13-September-2011
English
Traditional Japanese labour market practices, which benefited both workers and firms during the high-growth era, are no longer appropriate in the context of slow economic growth and rapid population ageing.
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