Video | Japan’s former leaders couldn’t fix the economy, but will the next PM be able to?
Faced with record-low approval ratings and a flailing economy, Japanese Prime Minister Fumio Kishida announced his resignation on August 14, 2024.
The island nation slipped into recession in 2024. Consumer confidence and salaries have since remained low, despite reforms started under the late leader Shinzo Abe’s “Abenomics” policies. While Abenomics had some positive impacts, inflation never rose to the expected 2 per cent mark and GDP growth underperformed.
Japan’s economy continues to be plagued by an ageing population and declining workforce, but experts predict increased productivity and GDP growth over the long term. While Kishida is leaving without seeing major economic progress, his successor may benefit from these projected improvements.
