Write an essay analyzing the macro economy of a foreign nation.
Upon completion of your research, you will produce a 1,000-to-2,000-word paper that outlines your findings related to this countrys economy, its recent changes, its relative size and strengths, potential issues and challenges it faces, and other key characteristics.
Please make sure your paper includes the following:
The country you are analyzing should be identified and key descriptive information such as current or recent population and/or population growth, income or income per capita, land area and density, major cities, location, currency values, life expectancy, or other key characteristics you see as important in describing this country should be identified. Use this material to set the stage for the rest of the paper. Include only pertinent facts that are connected to your work. Telling the reader, for example, the list of official languages is not necessary unless that is relevant to a point you plan to build upon elsewhere in the paper.
Key economic characteristics should be included and used to illustrate and describe the health of that nations macroeconomy and its recent changes. Use this section to showcase what you have learned thus far in the class. Concepts that should certainly be included are:
The size of the economy, its real growth rate, inflation rate, and unemployment rate. All variables should be assessed, if even briefly.
Other measures needed for your particular research area might include some (but probably not all) of these other important characteristics: total exports and imports, the trade deficit or surplus, housing characteristics, government debt, deficits or spending, transportation related spending, defense spending, investment, construction, retail sales, or many others. Where possible and reasonable, all measures should be compared to a benchmark such as the U.S. or the World.
Two or more key issues that have either historically shaped the nation or remain significant factors that this nation will face in the future. These might include geopolitical conflict, resource use or scarcity, civil or other war, technological issues, infrastructure issues, education or health characteristics, demographic factors, or many others. Note that this is the largest component of the rubric. As such, it should receive the bulk of your attention and should be the star of your paper. Note that key issues could be either positive or negative developments. They can be current or historical. They can be related to material you are studying in this class or other classes. You can take any direction you want. But the key issues you ultimately choose to expand on in this paper should be closely connected to this nation’s economic position and development. Keep reminding yourself that this paper is about a country’s economy.
Japan’s economy is highly developed, with a GDP of $4.9 trillion, and a per capita GDP of $39,029 (World Bank, 2021). The country’s unemployment rate stands at 2.9%, which is one of the lowest rates in the world. However, the country’s population is aging, and this poses a significant challenge to the economy, as the number of people who are retiring is increasing.
Japan’s inflation rate stands at 0.3%, which is significantly lower than the 2% target set by the government. The country has experienced deflation for most of the past decade, which has had a negative impact on the economy. Japan’s current account surplus stood
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The Japanese government has implemented various economic policies aimed at boosting the country’s economic growth. One of the most significant policies is Abenomics, which was introduced by Prime Minister Shinzo Abe in 2012. Abenomics has three main pillars: monetary policy, fiscal policy, and structural reform. The policy aims to stimulate the economy by increasing government spending, encouraging private investment, and increasing the money supply.
Another policy aimed at boosting the economy is the Comprehensive Economic Partnership Agreement (CEPA), which is a free trade agreement between Japan and the European Union. The agreement aims to reduce trade barriers and increase trade between the two regions.
Japan faces various economic challenges, such as an aging population and a shrinking workforce. The country’s population is expected to decline from 126 million in 2020 to 88 million by 2060 (World Bank, 2021). This demographic shift poses a significant challenge to the economy, as there will be fewer workers to support the growing number of retirees.
Another challenge is the country’s high level of public debt, which stands at 257% of GDP (World Bank, 2021). The government has implemented various policies aimed at reducing the debt, such as increasing consumption taxes and reducing government spending. However, these policies have been met with opposition from the public, who are concerned about the impact on their standard of living.
In conclusion, Japan has a highly developed economy, which is largely export-oriented. The country has implemented various policies aimed at boosting economic growth, such as Abenomics and the CEPA. However, Japan faces significant economic challenges, such as an aging population, a shrinking workforce, and a high level of public debt. To overcome these challenges, the government needs to implement policies aimed at increasing productivity and encouraging innovation. Additionally, the government needs to find ways to address the demographic shift, such as increasing immigration and encouraging women to enter the workforce.