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ASIA: "The Insight Bureau: Asian Brand Strategy: A new paradigm for boardrooms", by Martin Roll.
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backASIAtalk January, 2008
Is the sun setting on Japan's economic power?: GDP drops to 18th among major nations
Japan's per-capita nominal gross domestic product fell in 2006 to its lowest ranking of 18th among 30 leading free-market nations, a government report shows.
The nation's ranking among the 30-member nations of the Organization for Economic Cooperation and Development (OECD) was down from 15th in 2005 to its lowest since 1980, when comparable statistics became available, according to the revised annual report on national accounts for fiscal 2006 from the Cabinet Office.
The report was released Wednesday.
The nominal GDP, not adjusted for inflation and divided by the 2006 population, stood at $34,252 (3.9 million yen) in the calendar year of 2006, down about $1,400 from $35,675 (4 million yen) in 2005.
Japan was overtaken by Canada, France and Germany in the 2006 ranking.
The report attributed the decline to depreciation of the yen against the U.S. dollar in the reporting year, which reduced the dollar-denominated value of the nation's GDP.
Prolonged deflation, in which prices continue to fall, also affected the nominal GDP before adjusting influences of price changes.
Japan's nominal GDP stood at $4.3755 trillion in 2006, accounting for 9.1 percent of the global total.
The percentage ratio was the lowest since 1980 and about half of the peak in 1994, indicating that the nation's economic presence has diminished in relative terms.
Japan's per-capita GDP ranking climbed to second place in 1993. Luxemburg topped the list with $89,840 (10.3 million yen) in 2006, followed by Norway and Iceland.
The United States ranked seventh with $43,801 (5 million yen).(IHT/Asahi: December 28,2007)
Source: The Asahi Shimbun - GAI
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