TOKYO, Dec. 3, 2021–The global economy is set to barrel forward at a rapid pace –4.5% in 2022 and 3.2% in 2023, the OECD recently reported. Japan is forecast to craw at 3.4% and a measly 1.1%, less than half of other G” countries’ growth. If not by 2024, Korea, now the 11th economy, may eclipse Japan before 2030 in per capita GDP. Korea is projected to grow 3.0% and 2.7%. Why such slow growth? Rapid aging and population contraction is definitely an underlying factor but there are more, among them, stifling structural impediments and regulations, which are properties that make the Japanese bureaucracy happy for helping keep their comfy chairs.
Insight Into the Future