Japan remembers Shinzo Abe’s contribution as he shakes the world, leaving behind many doubts and concerns. When he came to power in 2012, Abe had a plan to make his country the biggest economic power. Shinzo Abe is the man who gave the world a self-organized economic policy with his name on it.
Abenomics….Abe faced the 2012 election with a precise economic reform called the world had never heard of it. After hearing the explanation of the plan, the people decided that Abe should be their savior. Abenomics has breathed new life into Japan’s economy after two decades of stagnation. Abe presented his idea in the form of 3 arrows. Fiscal policy, tax stimulus and structural reform. Low interest rates were initially used to stimulate Japan’s economy. As a result, consumers and companies have no strings attached to borrow and spend money. The second reform the government quickly implemented was to pump money into the market through tax stimulus. The government spent money on infrastructure development. The Abe government has been able to strengthen the financial sector by providing economic incentives such as tax breaks to companies. Accelerating corporate reform through structural reform. Thirdly, Abe aimed to initiate employment empowerment in the country through labor reforms. A lenient approach was adopted towards the immigrants and they were settled in large number of jobs. A new concept called WOMENOMICS was introduced by deploying more women in the workforce. Abenomics brought about an explosive change from the reforms Japan had seen up to that point. But Abe could not achieve his dream. While the first two arrows hit the target, labor liberalization gave rise to many controversies and disputes.
While unemployment was tackled vigorously, the inability to raise wages backfired. The increase in female representation was also criticized. That reform resulted in the criticism of Quantity Best Quality Lost. However, the world is also discussing Abe’s demise, Abenomics, which overcame the country’s economic slowdown and built Japan into the world’s third largest economy.
