INTERVIEW: World Bank Exec Says Japan Needs to Double Its Growth to 2 Pct

By Adriana Reinecke

Washington, Oct. 3 (Jiji Press)--World Bank Chief Economist Indermit Gill said in a recent interview with Jiji Press that Japan's economic growth rate needs to be doubled to around 2 pct by promoting investment and boosting productivity.

This comes at a time when Japan's new Prime Minister Shigeru Ishiba has just proclaimed his goal of making Japan a "major investment nation."

Against the backdrop of aging populations and rising debts, the World Bank has expressed concern that many advanced economies, including Japan and the United States, as well as many middle-income countries, such as China, are facing "secular stagnation," according to Gill, also the World Bank's senior vice president for development economics.

To help encourage private investment, the World Bank on Thursday released a new report entitled "Business Ready," which surveys the regulations and investment environment of some 50 countries and regions.

[Copyright The Jiji Press, Ltd.]