The Wrong Growth Strategy for Japan

Source Ministry of Health, Enhanced Economic Growth and Poverty Reduction Strategy.

It was also implementing a pro poor strategy that favoured growth and employment.

In 2000, the Government formulated an Enhanced Economic Growth and Poverty Reduction Strategy.

Especially in 2002, the Prime Minister approved the Comprehensive Poverty Reduction and Growth Strategy.

This generation is too old for education to be its growth strategy. It needs a growth strategy that will make it more productive and thus able to create the resources to invest more in the education of the next generation.

We are now pursuing an economic strategy that is pro growth, pro poor and pro job.

Office of the President of the Republic of Nicaragua, Enhanced Economic Growth and Poverty Reduction Strategy, 2001.

The Government's Economic Growth Support and Poverty Reduction Strategy addresses both the social and economic dimensions of poverty.

To that end, Malawi had developed the Malawi Economic Growth Strategy, which outlined areas of high growth potential, including agro processing, the cotton and textile industry, mining and tourism.

A strategy for inclusive growth must empower people by including them in the networks that make them productive. Inclusiveness should not be seen as a restriction on growth to make it morally palatable.

Domestic demand led growth will be a more reliable strategy than export led growth. That means that countries with a large domestic market and a prosperous middle class will have an important advantage.

What matters most is whether a country adopts the right growth strategy. With none of Mexico s advantages, Vietnam pursued a strategy that focused on diversifying its economy and enhancing the productive capacity of domestic suppliers.

Against this background, South Korea s new growth strategy should aim to achieve both a demand side rebalancing and supply side productivity increases.

The first strategy is problematic because it is unsustainable. The second is undesirable because it buys stability at the cost of growth.

But the good news stops right about there. Sustained growth requires a growth strategy, and most developing countries do not yet have one that would put them irrevocably on the path of economic convergence.

Without a strategy for growth, which includes efforts to reduce government expenditures and a policy to stop deflation, Japan s economy will remain in the doldrums. But Kan still seems unwilling to focus on growth.

The trouble is that the eurozone has an austerity strategy but no growth strategy. And, without that, all it has is a recession strategy that makes austerity and reform self defeating, because, if output continues to contract, deficit and debt ratios will continue to rise to unsustainable levels.

The Ghana Poverty Reduction Strategy was aimed at implementing a comprehensive set of programmes to support growth and poverty reduction between 2003 and 2005.

But a forecast is not fate. With a new economic strategy that nurtures more diversified sources of growth, while reducing the country s excessive reliance on exports and large enterprises, South Korea can reinvigorate and sustain strong growth.

The evaluation, Comprehensive Poverty Reduction and Growth Strategy (CPRGS) Integration into Socio Economic Development Planning (SEDP) Lessons from Central Highlands, Viet Nam , is a Lessons Learned Document regarding roll out of the CPRGS, Viet Nam's Poverty Reduction Strategy Paper.

The best medium term strategy for sustainable poverty reduction is to gain access to new markets and make international trade the driving force of growth, combining economic growth with social development in order to develop our human capital.

Both were based on industrial manufacturing. China, which has emerged as the archetype of this growth strategy since the 1970s, traveled a well worn path.

To maximize domestic financial resources, every developing country must adopt a national development strategy that strengthens good governance while supporting private sector led economic growth.

China has made a conscious strategic decision to alter its growth strategy. Its 12th Five Year Plan, enacted in March 2011, lays out a broad framework for a more balanced growth model that relies increasingly on domestic private consumption.

Otherwise, the Lisbon Strategy could merely empower an inefficient bureaucracy, rather than boosting the EU s democratic legitimacy. In short, the Lisbon Strategy could lead Europe to become a real power in the coming decades, or it could fuel further growth of Euroskepticism.

Equally interesting, China is attempting to move away from the export led growth strategy that it and other East Asian countries have pursued. That strategy supported technology transfer, helping to close the knowledge gap and rapidly improving the quality of manufactured goods.

With the right growth strategy, far reaching change can come within a person's lifetime sometimes more than once. My native Taiwan is now a high income economy.

Deng was reportedly substantially influenced by an early visit to Singapore, where accelerated growth and prosperity had come decades earlier. Understanding other developing countries successes and shortcomings has been and remains an important part of China s approach to formulating its growth strategy.

But if the best way to reduce sovereign over indebtedness is to achieve higher nominal GDP growth (the combination of real growth and inflation), cutting investment a key ingredient in a pro growth strategy is not a sound approach. Instead, budget rules should segregate public investment, thereby facilitating a differential response in fiscal consolidation.

In addition, it had embarked on the development of the Malawi Growth and Development Strategy, which also placed emphasis on industrialization as a driving force for poverty eradication.

It is important that donors continue to support Sierra Leone through the country's poverty reduction strategy, which provides a framework for poverty reduction, economic growth and human development.

The key to a successful growth strategy is to ensure that policies reinforce and enhance one another. For example, boosting returns on public investment critical to any growth plan demands complementary policies and conditions, in areas ranging from resource allocation to the institutional environment.

When, despite an improved macroeconomic environment and progress towards more open policies, growth impulses remain weak or lethargic, the national development strategy and productive sector policies assume particular importance.

Looking ahead, our country has structured a debt reduction strategy designed to gain degrees of independence as it implements its plans for development and the growth of its economy.

To support the national strategy for sustainable growth, the Government of Malaysia had placed biotechnology at the centre of its science and technology and its research and development activities.

After all, China s development strategy depends on its continued integration into the world economy and, specifically, reliable access to American markets and technology. The Chinese Communist Party s legitimacy depends on strong economic growth, and it will not risk this strategy for some authoritarian alliance with Russia.

It is widely believed that such a strategy would be useless if the only effect is to allow others to get rich faster by opting out. But if that strategy is conceived as mastering two dynamic processes, overcoming the ecological constraint could be an accelerator of growth.

Evidently, something in the water, other than education, makes people much more productive in some places than in others. A successful growth strategy needs to figure out what this is.

Energy and carbon taxes can produce less economic pain and more gain than conventional taxes can. Europe needs fiscal consolidation, reductions in carbon emissions, and a strategy for economic growth.

In this context, Zhu s reform strategy was aimed primarily at reestablishing a sound fiscal relationship between the central and local governments, rather than at increasing the GDP growth rate. In fact, though Zhu s reforms were piecemeal, they could easily have led to double digit GDP growth.

What remains missing is an economic growth strategy for the crisis countries but, given mounting unrest in southern Europe, such a strategy is inevitable. Europeans have reason to be optimistic if they recognize the opportunity that their crisis has created and act boldly and decisively to seize it.

That is why it is time for Japan s leaders to shift their focus from the demand focused first and second arrows to the supply oriented third arrow a new growth strategy.

LJUBLJANA At the Spring European Council meeting on March 13 14, EU member states leaders will launch the second cycle of the Lisbon Strategy for Growth and Jobs, a strategy launched in 2000 with the aim of making the EU the most competitive knowledge based economy in the world. The EU s current economic upturn suggests that the strategy is working, particularly after its renewal in 2005.

Both countries needed new recipes for revival and growth, and turned to each other in a marriage of convenience. China provided cheap goods that enabled income constrained American consumers to make ends meet, and the US provided the external demand that underpinned Deng Xiaoping s export led growth strategy.