Japan's economy has collapsed. The value of wages in relation to the rest of the world is dropping like a stone. So many who used to be able to take a yearly overseas trip potentially won't be able to for the next decade or two unless things change.
But it's an odd thing, the "economy has collapsed" but very few go hungry, most are housed, live with dignity, streets are clean and safe, bridges aren't crumbling, education is high, and so on. I don't wanna put Japan on a pedestal (I live here, the country has its problems indeed), but it's an interesting example of (at least currently) the possibility to "collapse" relative to other rich countries, but still maintain a high quality of life in general.
Also an aging population problem I believe though right? So if nothing else changed, today might not be the 'worst' it could get, with lower GDP and increased health and social care costs.
There are many societies where we can apply your description yet we could still say the economy is failing. In particular many in the former socialist Eastern Europe.
I would be curious what your description of a high quality of life is. As I don't believe that for one of the great global powers is what is considered a high quality of life.
Firstly, the worth of the wage locally has dropped by approximately a third in just a few years. I worked there for 7/8 years in recent times and can see such a change from then to now in my colleagues and now friends lifestyle. Most are significantly cutting back in their life in some way.
Secondly openly it looks as if very few go hungry but that's not the case. Pensioners, those with disabilities, and many single parent families are really struggling to put food on the table for all in Japan. For many others, I don't count eating ramen regularly, which is effectively a student diet (also because of poverty) as being satiated.
Living standards will drop in the upcoming decades unless they elect a competent government. They need drastic changes in public health insurance, retirement reforms, cut down government spending and drastic crack downs on corruption, tax evasion and social benefit frauds.
Current government already borrowed half a trillion Euros and if the trend continues that would destabalise complete euro economic area which would affect other countries as well
> An economic collapse means a massive, severe breakdown of a regional or national economy where normal trade, banking, and commerce largely stop
I think you may be using the word 'collapse' incorrectly here, as do other commenters under you - no eastern European economy is 'collapsing' in any meaningful way, maybe apart from Belarus who is quite opaque from outside and Ukraine for obvious reasons.
https://archive.is/w3KpI
This is what happens when you sacrifice a generation of people to make a "soft" landing for the rest.
Japan's economy has collapsed. The value of wages in relation to the rest of the world is dropping like a stone. So many who used to be able to take a yearly overseas trip potentially won't be able to for the next decade or two unless things change.
But it's an odd thing, the "economy has collapsed" but very few go hungry, most are housed, live with dignity, streets are clean and safe, bridges aren't crumbling, education is high, and so on. I don't wanna put Japan on a pedestal (I live here, the country has its problems indeed), but it's an interesting example of (at least currently) the possibility to "collapse" relative to other rich countries, but still maintain a high quality of life in general.
Also an aging population problem I believe though right? So if nothing else changed, today might not be the 'worst' it could get, with lower GDP and increased health and social care costs.
There are many societies where we can apply your description yet we could still say the economy is failing. In particular many in the former socialist Eastern Europe.
I would be curious what your description of a high quality of life is. As I don't believe that for one of the great global powers is what is considered a high quality of life.
Firstly, the worth of the wage locally has dropped by approximately a third in just a few years. I worked there for 7/8 years in recent times and can see such a change from then to now in my colleagues and now friends lifestyle. Most are significantly cutting back in their life in some way.
Secondly openly it looks as if very few go hungry but that's not the case. Pensioners, those with disabilities, and many single parent families are really struggling to put food on the table for all in Japan. For many others, I don't count eating ramen regularly, which is effectively a student diet (also because of poverty) as being satiated.
Germany economy can be considered collapsed or almost, yet the living standard is still high.
Living standards will drop in the upcoming decades unless they elect a competent government. They need drastic changes in public health insurance, retirement reforms, cut down government spending and drastic crack downs on corruption, tax evasion and social benefit frauds.
Current government already borrowed half a trillion Euros and if the trend continues that would destabalise complete euro economic area which would affect other countries as well
It's not. At most, the currency is falling too much and that's why wages are not buying the same amount as before, on the outside
To be colonialized by ones elderly..
> An economic collapse means a massive, severe breakdown of a regional or national economy where normal trade, banking, and commerce largely stop
I think you may be using the word 'collapse' incorrectly here, as do other commenters under you - no eastern European economy is 'collapsing' in any meaningful way, maybe apart from Belarus who is quite opaque from outside and Ukraine for obvious reasons.