Japan will have the lowest real gross domestic product per capita among all major economies in 2060 if its low productivity growth remains roughly the same as a result of its declining population, a government estimate released on Thursday showed.
Presented during the day's meeting of the Council on Economic and Fiscal Policy headed by Prime Minister Fumio Kishida, the estimate is part of a macroeconomic scenario drawn up by the Cabinet Office for use in discussions on priority issues in the country's economic and fiscal policies.
Kishida said that it was necessary to take a "structural" approach in order to improve productivity, expand labor participation and raising the country's birthrate.