What Holds Japan Back
Many observers have come to believe—incorrectly—that Japan’s extended economic slump is irreversible. The country’s GDP today is no higher than it was five years ago, and per capita GDP growth has been limited on average to a measly 0.7 percent per year since 1991, down from an average of four percent during the 1980s. South Korea, a country that was only one-quarter as rich as Japan in 1980 in terms of real per capita GDP, surpassed it in 2018. China has just topped Japan as the world’s top auto exporter largely because Japan’s automakers have resisted the shift to electrical vehicles.… Seguir leyendo »