Shinzo Abe Ma Ping/ZumaPress

La flèche manquante de l'Abenomics

TOKYO – Peu après avoir pris ses fonctions, le Premier ministre japonais Shinzo Abe a adopté une politique de stimulation budgétaire et de relâchement monétaire de grande ampleur destinée à relancer l'économie. Depuis, les dirigeants japonais s'attellent au lancement de ce qu'Abe qualifie de "troisième flèche" de son programme : aussi difficile soit-elle, une réforme des principales industries et la démolition des barrières structurelles qui constituent un obstacle à la croissance.

Or cette politique ignore totalement la "quatrième flèche", le secteur privé. C'est regrettable car le gouvernement ne pourra remettre à lui tout seul le Japon sur les rails. La croissance de la productivité ne parvient pas à décoller - elle a rarement dépassé 2% au cours des 20 dernières années. Cela traduit la fois des opportunités manquées et une compétitivité à la baisse en matière de coût.

Cette situation a des incidences sur toute l'économie. Les gains de productivité du travail et du capital sont pratiquement au point mort dans presque tous les secteurs, même les plus avancés. La productivité du travail dans le domaine des équipements de transport  par exemple atteint à peine la moitié de celle de l'Allemagne.

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