HATOYAMA SETS GDP TARGET OF MORE THAN 2% OVER DECADE
Aki Ito
Bloomberg, December 30, 2009
Japan’s government set an economic growth target of more than 2 percent for the coming decade, a pace that’s about four times the central bank’s estimate of the nation’s current speed limit.
The target was released in a statement after a meeting of Prime Minister Yukio Hatoyama’s cabinet in Tokyo today on its long-run economic strategy. The government said it’s aiming for 1.4 million additional jobs in the environmental industry, 2.8 million posts in health care, and 560,000 positions in tourism by 2020, along with expanded Asian trade, to bolster growth.
While Hatoyama’s target is likely to be criticized as unrealistic by economists as the nation hasn’t averaged an expansion rate of 2 percent or more since the 1980s, Deputy Prime Minister Naoto Kan called it “achievable.” David Carbon, head of economic and currency research at DBS Group Holdings Ltd. in Singapore, said the Democratic Party of Japan-led government, which took office for the first time in September, would need to embrace deeper changes than it has endorsed so far.
“With the economy we have right now in Japan, the government’s setting a high bar for itself,” Yoshiki Shinke, senior economist at Dai-Ichi Life Research Institute in Tokyo, said before the announcement.
Aki Ito
Bloomberg, December 30, 2009
Japan’s government set an economic growth target of more than 2 percent for the coming decade, a pace that’s about four times the central bank’s estimate of the nation’s current speed limit.
The target was released in a statement after a meeting of Prime Minister Yukio Hatoyama’s cabinet in Tokyo today on its long-run economic strategy. The government said it’s aiming for 1.4 million additional jobs in the environmental industry, 2.8 million posts in health care, and 560,000 positions in tourism by 2020, along with expanded Asian trade, to bolster growth.
While Hatoyama’s target is likely to be criticized as unrealistic by economists as the nation hasn’t averaged an expansion rate of 2 percent or more since the 1980s, Deputy Prime Minister Naoto Kan called it “achievable.” David Carbon, head of economic and currency research at DBS Group Holdings Ltd. in Singapore, said the Democratic Party of Japan-led government, which took office for the first time in September, would need to embrace deeper changes than it has endorsed so far.
“With the economy we have right now in Japan, the government’s setting a high bar for itself,” Yoshiki Shinke, senior economist at Dai-Ichi Life Research Institute in Tokyo, said before the announcement.
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