Keidanren Calls for 1,000-T.-Yen GDP in FY 2040

Tokyo, Dec. 10 (Jiji Press)--The Japan Business Federation, or Keidanren, has proposed measures to be taken by the government to achieve 1,000-trillion-yen nominal gross domestic product in fiscal 2040.

The proposal, dubbed “Future Design 2024,” features gradual tax hikes targeting at wealthy people over a decade to secure about 5 trillion yen in fiscal 2030 to realize an all-generation social insurance system by curbing increases in insurance premiums.

Consumption tax and corporate taxes should be raised as well if necessary, Keidanren said.

The biggest business lobby in the country also called for introducing a new local government system broader than the current 47 prefectures to achieve regional economic growth and further investment in next-generation nuclear fission plants and nuclear fusion technology in pursuit of a carbon-neutral society.

Those measures, designed to help the Japanese economy grow around 2 pct each year, are estimated to push up the country’s GDP to 1,000 trillion yen in nominal terms in fiscal 2040, Keidanren said.

[Copyright The Jiji Press, Ltd.]