Policy "Abenomics" and the driving force of the Japanese economy

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8 July 2022 19:20





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Abenomics is what many remember as one of the key economic strategies Shinzo Abe used to drive Japan.

During his tenure as Prime Minister

especially during the second term of office in 2012-2020

Abenomics is economic policy.

with the goal of creating growth for the country

for the new generation

and for the future of Japan

That is as Shinzo Abe said in 2012: “We have to look forward.

rather than worrying about the present

In Japan, it is an aging society.

and the population has decreased

But this is the motivation for us to go forward.”

What Shinzo Abe's government had to face in running the country

Japan has faced deflation for more than 20 years, mainly due to lower consumption demand.

and the yen depreciated

Partly because Japan faces an aging society.

with an increasing number of elderly people

But the fertility rate has declined.

Effects of Abenomics Policy

Abenomics has a policy that uses a measure known as the Three Arrows, which is an aggressive monetary policy.

Fiscal Policy Relaxation

and strategies to support growth

or promoting private investment

The performance of the Abenomics policy, outlined on the Japanese government website, is that Japan's GDP has grown from negative 0.2 percent in 2012 to 2.8 percent in 2013, 2.1 percent in 2013. in 2014 and 2015, plus 2.8 percent.

has increased profits

the unemployment rate is falling

In the policy era, Abenomics (Abenomics) has also developed technology.

To create a society 5.0 Startup businesses

Both in the industry, agriculture and public health. Stimulating the economy in the country through tourism.

with continuously increasing tourists

And most importantly, it is open to attracting foreign investment as well.

However, despite the numbers indicating more shifting of the Japanese economy.

But some have criticized the unsustainability of the policy.

But eventually Abenomics ended when the world

And Japan faces the epidemic of Covid-19, and Shinzo Abe resigned as prime minister on August 28, 2020 due to health problems.

On July 8, 2022, news shocked the world when Shinzo Abe was assassinated in Nara.

and eventually died.