In fiscal 2019, private consumption is expected to see an increase in its growth momentum in the first half of the fiscal year, reflecting the front-loaded increase in demand prior to the scheduled consumption tax hike in October 2019, but is likely to be pushed down in the second half of the fiscal year by the subsequent decline in demand following the tax hike and the decline According to the Population Statistics released in 2019 by the National Institute of Population and Social Security Research, it is estimated that labor force participants in Japan will total 63.81 million in 2020, declining to 61.69 million in 2030.
The need of the hour is to empower SMEs so that they can take their rightful place as the growth engine of the economy. 3. It is against this backdrop that this Conclave on empowering the growth of emerging enterprises assumes significance.