RIETI Report October 2012

Japan's New Growth Strategy and the World Economy

The new growth strategy adopted by the government in July 2012 appears to mark a turning point in the debate over economic growth in Japan, which has been underway for the last two decades. In the October issue of the RIETI Report, we present the BBL Seminar "Japan's New Growth Strategy and the World Economy," with our guest speaker Dale Jorgenson, Samuel W. Morris University Professor, Harvard University.

A series of studies have shown that the Japan-U.S. productivity gap in the non-manufacturing sectors remains large and actually rose in some industries. Removing barriers to entry into heavily protected markets will increase productivity, according to Professor Jorgenson. While acknowledging that economic and fiscal management remain first-order issues, he said, Japan is now facing other urgent problems such as a rapidly aging population and energy constraints. In addition to discussing specifics on the new growth strategy, he will introduce alternative approaches for raising Japan's potential growth rate.

This month's featured article

Japan's New Growth Strategy and the World Economy

Dale W. JORGENSON Samuel W. Morris University Professor, Harvard University

The authors of the New Growth Strategy deserve congratulations for their excellent work. Its introduction appears to mark a turning point in the debate over economic growth in Japan, which has been underway for the last two decades. It is gratifying to see that the New Growth Strategy was endorsed by the Cabinet of Japan on July 31 this year. More details will be covered during the course of this presentation. In addition to discussing specifics on this strategy, alternative approaches worth considering will also be introduced. Finally, I will discuss the growth strategy proposed by the International Monetary Fund (IMF) in the Article 4 consultations which concluded on August 1.

To read the full text
http://www.rieti.go.jp/en/events/bbl/12092401.html

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