Fifty years of membership in the Organization for Economic Cooperation and Development have seen Japan rise to one of the world's largest economies. Today, both Japan and the Paris-based organization face similar challenges of staying relevant in the global economy amid the expanding clout of emerging powers.
Japan joined the OECD on April 28, 1964. In the 50th anniversary year, Japan is hosting the organization's ministerial council meeting on May 6-7. Prime Minister Shinzo Abe plans to attend the session and deliver a keynote speech.
Half a century ago, accession to the club of wealthy nations was a significant event that cheered up public sentiment in a country that had just entered a period of rapid economic growth after rebuilding itself from the ashes of the war's devastation. Created in 1961 on the framework for the post-World War II reconstruction of Europe, the OECD is often called the world's largest think tank, providing policy analysis and proposals in a wide range of areas such as economic policy, trade, investment, education and development aid.