In the case of Japan, if one assumes that the present rates of labor participation for gender and age will remain stable, the numbers of workers will decline at an annual rate of –0.6 percent during the 2010s. In other words, from the perspective of the number of workers, real GDP is going to decline at an annual rate of –0.6 percent.
This is a very strong headwind. Meanwhile, looking at the rate of increase in value added per worker, the average for G-7 economies over the last 20 years is 1.3 percent. For Japan, the figure is 1.5 percent for the relatively  BIS central bankers’ speeches  5  good times between 2000 and 2008.