If only all advanced countries could grow as fast as Japan. Unfortunately, Japan itself is unlikely to grow as fast as Japan for very much longer. First-quarter growth of 1 per cent, an annualised rate of 4.1 per cent, looks like a flash in the pan. Subsidies to eco-cars and the boost from earthquake reconstruction will gradually fade. Weak European demand and higher electricity prices – the result of a post-tsunami nuclear shutdown – will bite harder. Add to this a drag on activity from ageing and a rising social security bill, and Japan cannot afford complacency.
如果所有發達國家的經濟成長速度都能像日本那樣快該有多好。遺憾的是，日本自身也不太可能在多長時間內保持之前那麼快的經濟成長速度。今年第一季度日本國內生產毛額(GDP) 1%的環比增速（同比增速爲4.1%），似乎只是曇花一現。日本對環保型汽車的補貼以及震後重建的拉動作用將逐漸消退。歐洲需求疲軟以及海嘯過後核電站關閉導致的電價走高，將對日本經濟產生更爲嚴重的衝擊。再加上人口老齡化對經濟活動造成的拖累以及社會保障支出的成長，日本實在沒有自滿的本錢。