Growth Strategy after the World Financial Crisis

Productivity is the key source of economic growth. Particularly for the economy of Japan which is facing a rapidly aging population, productivity improvement is the most important economic policy issue. In order to design effective policies to improve the economic growth rate, it is necessary to measure accurately productivity at the industry and firm level, as well as analyze the effects of factors such as IT utilization, innovation, globalization, and intangible investments on productivity.

The World KLEMS Initiative is a global effort to build databases that would make productivity data internationally comparable. It was initiated by Professor Dale W. Jorgenson of Harvard University with the participation of leading economists from around the world. The first and second conference was held at Harvard University in the United States, and this year, the third conference will be hosted by RIETI in Tokyo.

In this symposium, discussions on the theme of a growth strategy after the world financial crisis will be made from a broad perspective. In the first session, Professor Jorgenson will discuss the World KLEMS Initiative, and RIETI President Masahisa Fujita will address the evolving spatial economy of the Asia-Pacific and the growth strategy. The second half of the program will be a panel discussion, in which leading economists from Japan, Asia, Europe, and the United States will exchange their views and ideas on the following topics.
1) Can the world economy keep sustainable productivity improvement?
2) Structural change to enhance growth: Reallocation mechanisms, change in trade structure, investments in intangibles, service sector productivity, etc.
3) Risk factors for sustainable growth: Financial stability in the world economy, sustainability of government debt, instability of emerging economies, increase in energy demand, etc.

A reception will be held after the symposium courtesy of the Japan Productivity Center.