European Parliament Library

Achieving Fiscal Consolidation while Promoting Social Cohesion in Japan, Randall S. Jones and Kohei Fukawa

Contributor
Abstract
With gross government debt of 226% of GDP, Japan’s fiscal situation is in uncharted territory and puts the economy at risk. Japan needs a detailed and credible fiscal consolidation plan, including specific revenue increases and measures to control spending to restore its fiscal sustainability. The major concern on the spending side are social spending pressures in the context of rapid population ageing, making reforms to contain such spending a priority. Much of the consolidation, though, will have to be on the revenue side, primarily through hikes in the consumption tax rate beyond the 10% now planned for 2017. Fiscal consolidation should be accompanied by measures to promote social cohesion through the tax and benefit system and by breaking down labour market dualism. In particular, an earned income tax credit is a priority to assist the working poor
Language
eng
Literary Form
non fiction
Physical Description
1 online resource (40 p. )
Specific Material Designation
remote
Form Of Item
online

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