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OECD welcomes Japan consumption tax hike

04-26-2012 11:05 BJT

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In Japan, Angel Gurria, Secretary-General of Organization of Economic Cooperation and Development has met with Japanese Finance Minister Jun Azumi. Gurria presented the OECD's key recommendations for revitalizing the Japanese economy. Among them, promoting growth, opening the economy, tax reform, boosting productivity in labour and social cohesion.

Angel Gurria said, "I mentioned before we ran out of monetary policy room because interest rates are about zero. We ran out of fiscal policy room because we are trying to bring down the deficits and the accumulated debt. So, what to do? Well, we at the OECD say three things: We say, go structural, go social, go green."

Meanwhile, Gurria expressed support for the Japanese government’s plan to raise its consumption tax. He said doubling it to 10% by 2015 "is an important step." The plan to raise consumption tax has faced widespread opposition, saying it could damage the fragile economic recovery.

The OECD secretary general added that Japan’s fiscal situation requires action, pointing out the nation’s public debt stands at more than 200% of GDP.

 

Editor:Zhang Rui |Source: CNTV.CN

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