Tokyo, July 16: Human resource is more important than any other resources of a country. Without a workforce, any economy will come to closure. With an aging population, the decline in workforce Japan is facing a real crisis in human resource. Hence Japan Prime Minister Shinzo Abe said Friday raising human resources should be given priority in allocating funds under the fiscal 2018 state budget.
At this point of time, Japan needs to spend on human resource development. At a meeting of the Council on Economic and Fiscal Policy, Abe reviewed spending. The government hopes to compile a human resource development oriented budget. The new budget will begin in next April.
As the nation faces labor shortage and decline in population, investment in human resource development is viewed by Abe as the key to economic growth. During year end, the drafting of the budget will start in full motion. So to realize policy goals further discussions will be held.
Among other major economies, Japan’s fiscal health is the worst. To recover it, boosting productivity is one of the priority areas. Before receiving different requests from ministries, the government plans to decide on budget compilation guidelines later this month.