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The new government’s resolve to revitalise the economy through a three-pronged strategy, combining bold monetary policy, flexible fiscal policy and a growth strategy is most encouraging, said OECD Secretary-General.
Japan is emerging from a difficult five-year period, marked by two major shocks -- the 2008 global financial crisis and the tragic 2011 Great East Japan Earthquake -- and three recessions. We admire the courage and resolve of the Japanese people in face of such adversity and we confirm our feeling of optimism and dynamism in Japan, said OECD Secretary-General.
Focusing on the new growth strategy of Japan, OECD Secretary-General noted that the key priority is to increase productivity, the country being well below the levels of the upper half of OECD countries, while it should aim to be very near the top.
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.
Speaking at the Japan's House of Representatives, OECD Secretary-General said that Japan is one of the most active and proactive OECD members. He added that Japan has made remarkable contributions to the work of our Organisation and is playing a central role in key policy areas like science and technology, education, environment and investment.
Without adequate investment in skills, people languish on the margins of society, technological progress does not translate into inclusive economic growth, and countries can no longer compete in an increasingly knowledge-based global society, said OECD Secretary-General.
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Japan and the OECD: Looking back at the past 50 years and thinking ahead to the next 50.
"The OECD has absolute confidence in Japan’s capacity to overcome the Great East Japan Earthquake, building on its unique stock of human capital, financial wealth, technology and discipline.", said Angel Gurría for the launch of the OECD’s Economic Survey of Japan in Tokyo.
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Statement by Ms. Yasue Funayama, Vice-Minister of Agriculture, Forestry and Fisheries, Japan, OECD Agricultural Ministerial Meeting 2010.