Japan is the third largest economy in the world after the U.S. and China and is the fourth largest export market after the U.S., China and Germany. Japan has close economic ties with the United States, European Union, Latin America, Australia, China and many others. The country is among the most advanced in the world in every respect, and the capital Tokyo is considered the largest urban economy on the planet, greater even than the economies of New York and London. The most striking fact about the economy of Japan is that the extraordinary prosperity has been achieved in the conditions of an almost total absence of minerals.
The country has developed one of the world’s most powerful economies based entirely on imported raw materials. And that’s not all.
After World War II, Japan was a poor country with a number of economic and social problems as well as one of the biggest debtors of the World Bank.
People and politicians were unanimous that something fundamental needs to change, and that was the only opportunity for Japan to have a bright and promising future.
And so it happened.
Japan took a whole new way of development with the clear mission to revive the suffering Japanese economy. After about 40 – 50 years of great efforts, the Land of the Rising Sun has become one of the new world superpowers.
From one of the largest debtor countries, Japan has become one of the largest creditors in the world.
The incredible progress of the country over the last few decades is known as the “Japanese Economic Miracle”.