Abenomics boosts Japan but reforms needed, reports OECD

Japanese PM Shinzō Abe’s economic and fiscal reforms have been successful in creating jobs and stimulating growth, according to a new report on the country published by the OECD today.

Speaking in Tokyo at the launch of the OECD Economic Survey of Japan, OECD Secretary-General Angel Gurría said: “Abenomics has delivered faster economic growth and job creation”, but warned further reforms are needed as “productivity now lags behind the leading OECD economies“.

The report highlighted ongoing risks including ageing demographics and skill shortages which could be addressed by promoting more women into the workforce and creating greater labour equality.

Japan has the highest debt to GDP ratio in the world at 219 per cent, which needs be reduced by further tax reforms, the OECD reports.