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OECD believes Japan not ready to rebuild fiscal structure.

PARIS, Oct. 10 Kyodo

Member countries of the Organization for Economic Cooperation and Development (OECD) agreed Monday it is too early for Japan to promote drastic fiscal structural reform, Japanese delegation sources said.

Many countries welcomed a steady recovery trend in the Japanese economy, but argued that the recovery has not been clearly confirmed in private consumption, they said.

The assessment of the Japanese economy came at a meeting of the OECD Economic and Development Review Committee.

The committee, however, concluded that the Japanese government should take steps to reign in its expenditures in the near future given that Japan's gross domestic product is expected to grow for three straight years since 1999.

Japan's state budget deficit has been ballooning due to a series of pump-priming packages taken by the government to rev up the economy.

The assessment results will be included in the global economic outlook report to be released in November by the Paris-based think tank of advanced countries.
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Publication:Japan Weekly Monitor
Date:Oct 16, 2000
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