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OECD sounds alarm bells over Japanese debt
TOKYO. Dec 7: Japan must soon get to grips with its woeful public finances and accelerate the pace of reform if ft is to fGuarantee recovery from its ongest economic downturn since World War II. the OECD said yesterday, reports AFP.
The economy's immediate prospects had improved but the risks remained significant, said the Paris-based Organisation lor Economic Cooperation and Development in its annua) report on the worlds second-biggest economy
"Policy priority will now have to be shifted from short-term stabilisation issues, towards addressing more directly a number of future challenges, both macroeconomic and structural
“With such a framework. Japan will finally be able to find an exit from the decade-long stagnation of the post-bubble 90s." the OECD survey said.
A policy of raising taxes and cutting spending needs to boar long-term goals in mind as Japan's population rapidly ages, the grouping of industrialised nations said
■Essential in this respect will be continued reforms of both the pension and health systems as well as measures to increase the efficiency of public expenditures through more effective project selection and implementation." it said.
“To enhance growth prospects tile authorities will have to renew their emphasis on regulatory reform, deepening it to include institutional changes
The government s dual role as majority stakeholder in Nip pon Telegraph and Telephone Corp and Industry regulator was i case in point. OECD senior economist Yutaka Imai told a news conference here.
■■Conflicts of interest are Inevitable." he said We recommend that a powerful independent regulator he introduced "
Japan's faltering economy Is expected to grow by 1.9 per cent this year, rising to 2.3 per cent next year only to drop back again to 2.0 |er cent in 2002. the OECD forecast Iasi mouth
A decade of public works spending of more than 100 trillion yen (900 billion dollars) has propped up the econonn but the budget lor the fiscal year starting in April must remove the crutch the OECD recmnmcndgd
Japan's public debt was now the highest in the 29-meinber OECD, it noted, equivalent to 128 7 per rent of national gross domestic product (GDP) In the vear to March 2001.
The public spending, often on local politicians' pet projects, was marred by "considerable
waste and corruptlop." it said.
On the revenue side, it will be important to have a broadening of the base for both income and consumption taxes, so that necessary increases in lax rates will be associated with minimal economic losses
Nevertheless, it will be necessary to pursue and sustain cuts in public spending, especially so since (here are strong upward pressures in a number of areas Including social welfare. pensions, anil healthcare.
Prime Minister Yoshiro Mori, unveiling a new cabinet on Tuesday, said this government would slick to existing spending plans despite the ballooning debt levels.
First, we need to put the economy on a full recovery (rack, and then we can begin fiscal reforms." he said.
List month. .Japan enacted a supplementary budget worth 4.78 trillion yen to finance one more economic stimulus package
With the latest spending, government bond issuance in the year to next March will rise io 34.60 trillion yen. boosting the outstanding debt to a massive 642 trillion yen.
US credit risk appraiser Moodv's Investors Service responded to the growing debt by downgrading Japan's yen-based bonds in September.