WASHINGTON (Kyodo) World Bank President Robert Zoellick indicated Monday that Japan should boost growth driven by domestic demand because its export-led growth model may no longer work.
"It is not clear that the old export model of growth will be sustainable in a more balanced global economy that does not rely so heavily on the U.S. consumer," he said in a speech in Washington.
Zoellick, who heads the development lender, said the graying of Japan's population will cultivate new needs for personal spending and that the nation's energy-saving technology could spur new demand in global markets.