The government on Wednesday announced a basic policy for its economic growth strategy through fiscal 2020. Envisioned is average economic growth of 3 percent in nominal terms and 2 percent in real terms in the coming decade, plus a reduction in the unemployment rate from the current 5 percent level to around 3 percent in four years.
However, the economic reality is harsh. In November, the unemployment rate went up for the first time in four months, to 5.2 percent. The government's economic outlook for fiscal 2010 shows that unemployment will remain at 5.3 percent and deflation will continue, although the economy is forecast to grow 1.4 percent in real terms, the first positive growth in three years.
A recent government survey shows that ordinary citizens such as taxi drivers and shop managers feel that the economy has been rapidly deteriorating in the past three months due to small winter bonuses and the bad employment situation.
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