Japan's economy needs another miracle cure. Can it find one?

Yes, but only if policy changes are implemented to boost mobility, attract fresh talent, and tackle the problems of an aging population, argues Arturo Bris

Many economists have at various points in Japan's downhill tumble over the last quarter century hollered a view on how to send the economy back to the summit. It was there, after all, in its glory days of rapid and sustained economic growth from 1945 to 1991 - the era of the famed Japanese economic miracle that followed the loss of its mainland conquests. Japan is in need of a similar miracle today, with Marcel Thieliant, senior Japan economist at Capital Economics, stating in December: "We think the Japanese economy will enter a recession sometime next year." It's holding off for now thanks to a post-COVID spurt in household spending and tourism. But Japanese exports dropped by four per cent in the first quarter of 2023, according to Refinitiv, marking…

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I by IMD (Digital) - 1 Issue, 10. June 2023

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