It’s rare for a national leader to be able to claim that an economic system is named after him, but Shinzo Abe, former prime minister of Japan, can. Abenomics, introduced eight years ago, has been an ambitious economic agenda seeking to bring the country out of its doldrums, characterized by deflation and debt. Has Abenomics met its goals? Not entirely, but it has realized some gains and staved off disaster.
Japan boasts the world’s third-largest economy, and yet it has been stalled by deflation, low wage growth and slowing GDP. Prime Minister Shinzo Abe’s three-arrow Abenomics policy, introduced four years ago, was meant to counter years of economic stagnation, but despite some success, it may be time to re-evaluate the plan.