Embracing Diversity Could Solve Japan's Economic Woes
Japan's population has been falling since 2011. In 2014, Japan's total fertility rate stood at 1.42 children per woman — one of the lowest among Organization for Economic Development and Cooperation (OECD) countries.
The population decline has led to labor shortages, reduced consumption and a related hit to the economy, with gross domestic product (GDP) growth at an anemic 0.8 percent in 2015. Decreased tax revenues further raise the specter that social welfare programs, such as pensions for the elderly, may no longer be fiscally sustainable in the near future. Embracing diversity is a key factor in solving these issues.
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