Japan: A Dormant Economy?

Economics Declassified

By Atiyah Krishnan

Japan, the land of the rising sun, is a country living in the future. They have made some remarkable innovations like the world’s first high-speed bullet train, QR codes, CD players, PlayStation and now even hotels with humanoid robot staff.

This era of rapid growth and development started in the 1960s. The heavy industries incorporated cutting-edge factory automation and technology, rendering high-quality products for exports. Electronic items from Sony and Toyota cars are one of the leading firms in their respective fields.

By 1995, Japan’s GDP had surpassed 5 trillion dollars. At that rate, it could’ve become the leading country in per capita GDP. However, Japan’s per capita GDP (or economic output per person) has remained at the same level ever since. Despite possessing all requisites to fuel the nation’s growth, Japan has spent the last 27 years in economic stagnation. This period, marked by low growth…

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