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Published in:
2008 | OriginalPaper | Chapter
Priorities for Structural Reforms
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Unresolved structural rigidities explain much of Japan’s low potential growth. Sector specific issues and economy-wide factors that inhibit competition, innovation, and entrepreneurship have combined to depress productivity (Chapter 2). After a decade of weak performance, a program of structural reforms was launched in 2001. It aimed at rationalizing public enterprises, reducing regulation, facilitating corporate restructuring and startups, and enhancing labor market flexibility. However, the gains so far have been limited as much remains to be done. This chapter examines the state of play with the reform agenda and policy options for enhancing productivity further, particularly in the service sector.