The greater transparency of central banks also seems to have led to improved economic performance. Market expectations are more likely to remain anchored in the face of various shocks when investors can see more clearly that central bankers are committed to long-run objectives such as price stability and sustainable economic growth.
It is not easy to maintain the pace of economic growth when the working-age population, of those aged between 15 and 64, is decreasing at a rate of nearly 1 percent a year. Under such circumstances, society's key task is to bring those members of the elderly and female population who are willing to work into the workforce.