Japan’s Economic Resurgence after the Earthquake-Tsunami-Nuclear Disaster
Last modified: October 26, 2015
Japan is estimated to have suffered an economic setback of $200 billion as a result of the recent earthquake and the following tsunami and nuclear disaster. The world is anxiously watching how it is going to recover from this triple disaster.
But, such adversities are nothing new to Japan and its resilience to bounce back from geographical and economic devastations and its ability of resurgence has been proved repeatedly since the post-WWII devastation.
Japan’s economy was already in the doldrums for the past 20 years due to various causes, including the effects of the economic depression in the Western countries. And the after effects of the earthquake, tsunami and the nuclear power plant disaster have only deepened the crisis. Experts feel that even to calculate the total costs and losses would take another year or so.
But, turning back the leaves of history, to the post WWII scenario, we see a similar devastation: the infrastructure in rubbles, thousands of lives lost, nuclear holocaust consequences on the people and the environment completely spoilt. Japan did not have the fallback economic resources that it now possesses. Yet, the world saw the miracle of this country becoming the second largest economy, behind only the US that lasted until China wrested that position from it last year. Rebuilding the war-torn country into one which has become known for its technological advances, excellent infrastructure and an extensive export market was done in a few decades. So, from its comparatively stronger position now, it could still rise from its ashes and once again dominate the economic scene.
The macroeconomic scene in Japan is a little encouraging for investors and economists. The downturn of the Japanese asset build-up since the late 1980s followed by the deflationary recession for the next two decades, pushed down Japan’s effervescent economic gains into stagnancy. This has resulted in China overtaking it last year on the economic ladder. There was, of course, a deep plunge in the markets right after the disaster but some recovery has also been recorded. Although the economy has stabilized now, it has not demonstrated any miracle surges. It would be difficult to regain the costs of reconstruction very soon because of the sluggish market conditions that is affecting the main importing countries like China and the US.
Economists are more optimistic and expect that the GDP growth will rise from -0.6% in 2011 to 2.9% in 2012. The main sectors such as Information and Communication Technologies (ICT) and automobiles along with other economically dominant sectors like retail, and agribusiness are expected to produce mixed results: The tighter purse strings of the consumers would encourage the local retailers, but the environment effects on agriculture would see more imports in that sector.
The hard-working and buoyant Japanese people are expected to come out of this crisis with their national pride intact, and once more team up to raise their country to its former heights. The effect of the triple disaster in Japan on its economy is another essay of the cause and effect type. Such subjects that are current and important would increase your chances for getting good grades. To help you get a good start, we offer cheap essays that are cost-effective but standard or an essay outline, if you run short of ideas. Our regular customers can also get a free essay paper – find out how by clicking the link. Visit us at http://customessaysservice.com
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