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Will the pandemic hurt Japan’s long-run prospects?

We do not expect the coronavirus crisis to undermine Japan’s long-term prospects. Capital accumulation will slow but there shouldn’t be a big impact on the supply of labour. And given that the response to the pandemic may end up lifting productivity, we still expect productivity growth to accelerate from 0.7% over the past decade to 1.3% by 2030 and to 1.8% by 2050.

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