The Economy of Japan

Japan’s economy is considered to be among the most spirited and flourishing economies of the world. The fact that the west had greatly influenced the major boom of Japan’s economy after World War 2; which went in hand with the government’s laissez-faire policies. Unfortunately, the growth of Japan’s economy withstood 50 years only and has been experiencing a major downfall since the 1990s. Many elements had contributed to the boom of Japan’s economy which include, but not limited to, the following:

-          - Low fuel prices (oil)

-          - Sophisticated Technology

-          - 100%  literacy rate, approximately

-          - Culturally induced work ethics

There are certain industries which enjoyed the best share of the country’s economy boom such as; automobiles, innovative technology, household and electro merchandises. Between the 5^th and 7^th decade of the 20^th century; Japan’s GDP had a staggering growth from 21% to 56%. Post 1985, the country experienced a gradual decrease in the GDP. Western media and economy intellectuals had deemed the situation as a typical case of “bursting bubble”.

Since the mid-1990s; the Japan’s economy was moving towards a growth again, however, the growth is not in par with the previous phase of almost reaching a sustainable country status.