Japanese Prime Minister Shinzo Abe on Wednesday unveiled the government's long-term growth strategy, targeting a three percent annual expansion of nominal Gross domestic product (GDP) and restarts of nuclear power plants. The growth strategy is the "Third Arrow" in his ambitious economic policies called "Abenomics" platform to boost the world's third-biggest economy, which has focused on easing monetary policy and massive government spending.
Abe said the government aims for three percent nominal growth per year and two percent real growth over the next decade, which would raise Japan's per capita gross national income by JPY 1.5 million (USD 15,000) in 10 years. "The most important target to achieve is per capita gross national income," Abe said in a speech about the strategy. "Now is the time for Japan to be a driving force for world economic recovery," said the premier, who took office last December.
According to the growth strategy, the government also intends to set up special economic zones to raise private investment and attract foreign capital and human resources. The blueprint also aimed at promotion of free trade agreements and corporate involvement in agriculture. The Cabinet is set to endorse the growth strategy on June 14.