Japan Economy


Japan is the world's second largest economy after the United States. In 2003 Japan's gross domestic product (GDP) was $4.30 trillion, compared to $10.95 trillion for the United States. Japan also has one of the world's highest living standards. Economists compare living standards in different countries using a measure called purchasing power parity. This measure takes into account the countries' differing costs of living. By this measure, Japan's per capita GDP rose from 21 percent of the U.S. level in 1955 to 56 percent in 1970. By 1992 per capita GDP had reached $19,920, 86 percent of the U.S. level. Despite the overall strength of the Japanese economy, in the late 1990s Japan was mired in its longest recession since World War II. GDP, which had grown slowly in the early 1990s, fell 0.4 percent in 1997 and another 2.8 percent in 1998. This was the first time in the post-war era that Japan's GDP declined two years in a row.

As is typical in a mature economy, services make up the largest part of Japan's economy. In 2002 services (such as trade, government, and real estate) accounted for 68 percent of Japan's GDP, while industry (mining, manufacturing, and construction) made up 30 percent, and agriculture (including forestry and fishing) contributed 1 percent.

  1. COMPREHENSION

    1. Are these sentences True or False? JUSTIFY.
      1. Japan has the world's highest living standards.
         
      2. Japanese economy is a mature one.
         
      3. Industry is what makes Japan an economically giant country.
         


    2. Answer these questions
      1. How do economists know the living standards in each country?
      2. What does GDP stand for?
      3. Can we consider Japan an agricultural country? Explain.
      4. What sector actually makes Japan a strong world economy?


    3. What does the word refer to in the text
      1. "this measure" (paragraph 1; line 5)    


    4. Find in the text words which mean the same as:
      1. contradictory (Paragraph 1)   
      2. depression (Paragraph 1)   


  2. LANGUAGE

    1. Put the verbs between brackets in the correct tenses.
      1. When you read the letter, you (understand) everything.
      2. Their boss wishes she (have) a firm in Tokyo.


    2. Give the correct forms of the words between brackets.
      1. I know she will do the task perfectly well. She is really (competence).
      2. They didn't even apologize for the late (arrive) of the bus.


    3. Rewrite the sentences beginning with the words given.

      1. When you make a lot of money, your life becomes harder and harder.
        The more , the
      2. You ought to pay your bills regularly.
        Your bills


    4. Match the words that go together to make collocations
      1. Death
        1. monuments
        2. area
        3. penalty
        4. alive

      1. industrial
        1. monuments
        2. area
        3. penalty
        4. alive


    5. Fill in the blanks with the appropriate prepositions from the list:
      Withforoftoatabout

      1. She thanked them all their valuable collaboration.
      2. She was fully satisfied the work they have accomplished.

  3. WRITING

    The world is facing the problem of intensive migration of people.
    Write an article about the causes of this social phenomenon and try to suggest solutions to the problem.

Solution

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