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ECONOMY

Japan economy on track to renew postwar expansion record

  • January 3, 2018
  • , Jiji Press , 1:00 p.m.
  • English Press

Japan is believed to be on track to enjoy the longest economic growth since the end of World War II, economists say.

The current expansion phase will break the current postwar record of six years and one month, from February 2002 to February 2008, if it lasts until January 2019.

 

The phase started in December 2012, when Prime Minister Shinzo Abe launched his second administration with his Abenomics reflationary policy.

 

Speaking to Jiji Press, seven prominent private economists all predicted a new record, forecasting that exports will remain strong on the back of robust overseas economies including the United States and that domestic employment and pay will continue to improve moderately.

 

They expect the Japanese economy to continue to expand at least until around when the consumption tax rate is raised to 10 pct from the current 8 pct in October 2019.

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