Japanese data for the last 10 years show that the working-age population declined by 0.3 percent year on year and labor productivity increased by 0.8 percent year on year. When combining these numbers, the real GDP growth rate increased by around 0.5 percent. The decline in the workforce reflects the rapid aging that is in progress.
Allow me, therefore, to take this opportunity to congratulate the Institute for almost coming of age at 20. You need not be reminded that with the maturity that goes with a two decade lifespan, comes increased responsibility for the greater good of all concerned and for the country.