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The present brief assessment draws together some of

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Unformatted text preview: nges in the country’s institutions. The present brief Assessment draws together some of the findings in trying to address the following three major questions: (i) what are the most important reasons for the unprecedentedly disappointing performance of the last decade? (ii) what policies could the authorities adopt to restore somewhat higher rates of growth in the short to medium term? (iii) what is the outlook for Japan’s longer-run future and, in particular, for its distinctive economic model? II. WHAT WENT WRONG? As noted in the Introduction, Japan’s recent economic performance has been very disappointing, with growth slowing down to a rate well below that recorded in the OECD area (Table 1). This is in sharp contrast to anything seen since the war. A decade of virtual stagnation has had significant effects. In particular, Japan’s enviable full employment record has been gradually eroded. While open unemployment remains low by European standards, it has, in 2000, crept above United St...
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