Economy of Japan
In terms of GDP Japan’s economy is second best in the world, right after that of United States of America. Surveys also prove the wages in Tokyo are the highest when compared with other principle cities of this planet. After the disastrous nuclear attacks faced during the World Wor Japan has worked hard so as to establish itself as the second best economy of this planet. This country experienced a growth rate of 10% during 1960s, that of 5% during 1970s, and 4% during 1980s. All this has helped Japan bounce back as a leader in the mainstream of international business.
Post war Japan smartly imported most of the minerals for its economic growth instead of utilizing its own local reserves thus making them future proof. The nation has successfully developed plenty if processing and manufacturing industries so as to convert the imported raw material to useful products. Though the Island’s 70% of the area is covered by forests and mountains yet the country has been importing most of what it requires so as to fulfill its demands.
Japan has also invested heavily in its infrastructure by constructing over 1.2 million kilometers of paved roads to guide its left hand traffic. A quarter of its electricity production in Japan is due to its nuclear power and the country is planning to double the same in next few decades.
With time the population of Japan has increased leaps and bounds thus impacting its economy. Major privatization plans were passed so has to stimulate the economy of Japan so as to suppress the effects of ever growing population of this small island. With time Japan has learned a lot and grown drastically. They have seen the ups and down of internationally growing economy and have come back well all the time.
