Slow Growth, 1975-1995

The Editors

Japanese Economy, 2002, vol. 30, issue 4-5, 161-180

Abstract: The rapid-growth period ended with the first oil shock (1973-74). For the first time after World War II, the real gross domestic product (GDP) growth rate turned negative in 1974 (-0.6 percent). The growth rate was permanently lowered. With the decline in growth, capital formation declined. But saving did not decline much. Thus, the economy turned from the state of saving shortage to the state of saving surplus. The saving surplus was met by government deficits at first and by capital outflows later.

Date: 2002
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DOI: 10.2753/JES1097-203X300405161

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