What Does Economist Say About Export Oriented Economy? Essay

According to easynomics.com, from Q3 2012-Q2 2015, there was a confirmed upward trend with real GDP rising which translates to approximately 2.26 percent annual growth rate. Although the increase rate is too slow that people may not feel the recovery, but it does suggest the increase.

Japan’s unemployment rate of about 4% opposed to the U.S. unemployment rate of close to 10%. Even the financial debt to GDP ration is an advantage, and debt in the private sector has not increased unlike the U.S. and European countries, (Time, 2009). In addition, since Japan is a huge exporter and with the U.S. demand going downward, the international balances and growth declined especially as the dollar value dropped and the yen surged. •

The so-called powerhouse country that was known to be Japan, known to be unstoppable was known never to fall. Japan seemed to be unstoppable after there amazing recovery post World War II compared to the rest of the effected countries. Japan had an economic bubble in the 1980’s to the later part of the decade however; an insidious cancer took root and metastasized in Japan’s economic infrastructure. The cancer was vastly over-inflated

The graph of economic growth look so nice and strong. People were being very optimistic about the economy, making Japan in the emotion of euphoria, which started a trend of investing.

Japan 's market economy, which is mostly industrial, is the third-largest economy in the world by GDP, which currently sits at 4.92 trillion USD. Japan has one of the world’s largest consumer markets, mostly due to its large population and well-educated work force.

From the sixties through the mid-eighties domestic politics were stable; the Liberal Democratic Party maintained a solid majority in the Diet (parliament) and emphasized close relations with the United States. Japan also achieved record economic growth — averaging 10 percent a year until the seventies. Its economy grew from one less productive than Italy to the third largest in the world, behind only the United States and the Soviet Union. Growth was especially strong in heavy industry, such as steel, chemicals and machinery, and in advanced technology. Almost totally dependent on imports for food and energy, Japan began to face increasing protectionism abroad and serious pollution problems at home. Although Japan has brought pollution under control, trade frictions continued. As one of the most advanced post-industrial societies in the world, the Japanese people enjoyed prosperity and the benefits of a thriving middle-class society.

The slow growth was stopped when global recession hit in 2008 and 2009 and “destroyed the modest gains in economic growth that Koizumi’s reforms had achieved” (Drogus and Orvis 242). Of course, to make matters worse, Japan was hit even harder than most states due to its dependence on United States exports, resulting in economic shrink of 5% in 2009. The government, desperate to improve the economy, enacted Keynesian policies, effectively raising the deficit and lowering interest rates to zero. However, the Keynesian policies weren’t a total disaster as growth started to return at the end of 2009, and by 2010 the economy’s growth was now at a comfortable 4%. In 2011, an earthquake, “the fourth biggest [earthquake] in recorded history, killed twenty thousand people, displaced hundreds of thousands more, and resulted in expensive cleanup of

Lastly, Economy has changed drastically since days of old. Japan is relying on less of its own farming population. Since 2004, its farming population has steadily declined by 5%. Like other nations, the farmlands use irrigation, terracing, and multiple cropping to coax rich crops from the soil. The main crops are rice, sugar beets, vegetables, and fruits. Japan has some livestock but it is not a main source of income. Japan has one of the largest annual catches in the world to this

In 1945, Japan was devastated and lost a quarter of the national wealth after suffering a defect in the second world war. A majority of the commercial buildings and accommodation had been demolished, and massive machinery and equipment formerly used in production for the civil market were out of service to provide metal for military supplies (Miyazaki 1967). Despite the trash and ruins had left over in Japan, Japan was able to rebuilding its infrastructure and reconstruct their economy. It is revealed that the Japanese economy was on its way to recovery, which received a rapid development since the war, and the reconstruction of Japan had spent less than forty years to become the world’s second largest economy in the 1980s. This essay will explore the three factors account for the economic growth of post-war Japan: the financial assistance from the United States, the external environment, and the effective policy of Japanese government.

In recent years, international trade has encountered a lethargy which can be contributed to “the absence of further trade deals [and] more big countries opening up [their borders]” This has led to economic dismay like South Korea. In South Korea, “Exports account for roughly half of South Korea’s GDP” and in 2014 “The country’s exports shrank by the largest annual amount in six years.” Even though South Korea may be facing economic struggles currently, due to the slow international trade, they have made significant progress compared to when they were under the colonial rule of Japan who restricted their import and export barriers. The heavy reliance South Korea has on trade as a source of economic stability has led to economic instability. In order to have a more thorough understanding of the decline of international trade on a State, this paper will focus on how the slow international trade has been affecting South Korea’s economy. The South Korean economy has suffered as a result of being a heavily export base; therefore, the decrease in trade among the international community has had negative effects on the South Korean economy.

The Japanese economy, the 2nd largest in the world, accounts for 7.1% Global World GDP, at US$4.6 triliion and a per capita income of approximately US$33,550 (World Bank 2006). As a result of globalisation, literacy levels are at 99% and the general living standards of the

The bobble economy refers to the time period of 1980 to 1993. During this time frame Japan saw the Yen rise to three times its value and corporate land rise to 180% of its value. As a result the Japanese government regulated the monetary policies system and raised interest rates. The Tokyo stock market dropped 38% wiping out over two trillion in estimated value. In October 1993, the recession bottomed out and Japan rebounded slowly by switching their focusing on technological innovations to regain strong market position behind the United States. Japan retained as the leader of the semi-conductor and automobile industries. In 1995 the rise of the Yen forced Japan to shift production overseas to China, Tokyo, and Malaysia.

Since the end of World War II, Japan's economic strategy for growth was based on exports, that allowed the development of its powerful industrial sector. During the 1980s, Japanese automakers in particular were enjoying an unprecedented and largely unexpected period of prosperity. They managed to establish a successful domestic automobile industry and to gradually sell their products abroad. Thanks to their competitive advantage in producing cars with respect to foreign competitors, due to labor differences, technical efficiencies (lighter and fuel-efficient cars), better designs, and of

Japan ranks as the third largest economy in the world as of 2010. The GDP at current prices in US dollars in Japan was reported at 5068.06 billion in 2009, according to the International Monetary Fund (IMF). Japan’s resurgence after World War II has however reached an inflection point in yearly 1989 after the burst of Japan’s asset price and real estate bubbles. As can be seen from the graph below, Japan’s GDP has hovered around the same level through more than 20 years of economic stagnation. The GDP’s slow growth has been exacerbated by the world financial crisis of 2008. A major landmark of Japan’s stagnation has been the BOJ’s fight against deflation.

Japan is the third largest economy by nominal GDP, $4.6 trillion, and fourth largest economy by purchasing power parity. In addition,