by Mary Anne Thompson
According to Going Global’s President and Founder, Mary Anne Thompson, nearly a year after the country’s most powerful earthquake and ensuing tsunami, Japan continues its long road to economic and employment recovery. Employers in many job sectors are hiring again and the demand for both foreign workers and soft skills is growing as talent shortages abound.
Japan, the world’s third-largest economy, suffered a devastating economic blow in 2011 as a result of its record-making March earthquake, tsunami and ensuing radiation. These disasters, coupled with large government debt, persistent deflation, and an aging and shrinking population are major complications for Japan’s economy, according to a report from the US Commercial Service.
Experts may disagree about whether Japan’s economy is still in recession, but it has definitely contracted this year more than was originally estimated. Growth was hurt by the earthquake and tsunami, which damaged infrastructure and the supply chain and slowed production. But Japan’s recovery has been further slowed by uncertainty about the global economy, according to Yuichi Kodama of Meiji Yasuda Life Insurance in Tokyo. Moreover, the strong yen is hurting exports and preventing businesses from expanding in Japan.
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