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2011 OECD Economic Surveys: Japan 2011

image of OECD Economic Surveys: Japan 2011

OECD's 2011 review of the Japanese economy.  This edition includes chapters covering the economic recovery, achieving fiscal stability, Japan's growth strategy to create demand and jobs, education reform in Japan, and labour market reforms to improve growth and equity.

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Japan's New Growth Strategy to create demand and jobs

The New Growth Strategy aims to create demand and jobs through regulatory reform and fiscal measures. The Strategy focuses on key challenges, notably climate change and population ageing, which can be turned into sources of growth. Given Japan’s precarious fiscal position, it is essential to co-ordinate spending related to the Strategy with the medium-term fiscal plan, in part by increasing the emphasis on regulatory reform. Such measures should cover the entire economy, rather than being limited to the seven areas identified in the Strategy. Among those areas, effectively promoting green innovation will require market-based instruments to place a price on carbon, preferably through a mandatory and comprehensive emissions trading system, to promote private investment, accompanied by a range of other policies. Achieving deeper economic integration with Asia depends on reducing support for agriculture to facilitate more bilateral and regional trade agreements, while bringing down barriers to foreign direct investment and foreign workers. Policies to expand venture capital would help launch innovative firms.

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