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Abe unveils updated plan to revive GDP
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JAPAN’S Prime Minister Shinzo Abe, fresh from a bruising battle over unpopular military legislation, announced yesterday an updated plan for reviving the world’s third-largest economy, setting a GDP target of 600 trillion yen (US$5 trillion).
Abe took office in late 2012 promising to end deflation and rev up growth through strong public spending, lavish monetary easing and sweeping reforms to help make the economy more productive and competitive. So far, those “three arrows” of his “Abenomics” plan have fallen short of their targets.
“Tomorrow will definitely be better than today!” Abe said. “From today Abenomics is entering a new stage.”
Abe has promised to refocus on the economy after enacting security legislation that enables Japan’s military to participate in combat even when it is not under direct attack. Thousands of Japanese held noisy street protests last weekend over the “collective self-defense” law, and Abe’s popularity ratings took a hit.
“He has to deliver the message that he is so committed to achieving the economic agenda, that is, to make people’s lives better,” said analyst Masamichi Adachi of JPMorgan in Tokyo.
Abe said he was determined to ensure that 50 years from now the Japanese population, which is now 126 million and falling, has stabilized at 100 million.
He said his new “three arrows” would be a strong economy, support for child rearing and improved social security, to lighten the burden of child and elder care for struggling families. But with Japan also committed to reducing its massive public debt, it is unclear how he intends to achieve those goals.
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