Country 1 Country 2

Country Japan Spain Vietnam

Currency Yen (Billions) Euro (Billions) Dong (Billions)
1954 7,797.00 336.80 N/A
1964 29,541.30 1,202.20 N/A
1974 134,244.00 5,143.10 N/A
GDP
1984 302,975.00 26,298.10 N/A
1994 495,743.00 67,554.50 178,534.00
2004 503,725.00 N/A 715,307.00
1954 N/A 239.00 N/A
Household
1964 17,028.10 901.00 N/A
Consumption 1974 72,912.00 3,333.10 N/A
(Private 1984 167,155.00 16,388.60 N/A
Consumption)
1994 273,995.00 40,848.40 133,299.00
2004 288,599.00 N/A 465,506.00
1954 860.00 30.00 N/A
Government
1964 2,351.70 87.00 N/A
Expenditure 1974 12,240.30 508.70 N/A
(Government 1984 43,454.90 4,023.50 N/A
Consumption
1994 72,842.00 12,306.60 14,738.00
2004 91,909.20 N/A 45,715.00
1954 N/A 17.70 N/A
1964 2,800.10 74.00 0.02
1974 18,257.60 740.40 N/A
Export
1984 44,901.60 5,801.40 N/A
1994 44,627.30 14,209.40 60,725.00
2004 66,543.80 N/A 470,216.00
1954 N/A 18.20 N/A
1964 2,851.90 141.00 0.05
1974 19,256.90 987.90 N/A
Import
1984 36,865.50 5,286.10 N/A
1994 34,765.70 14,312.50 77,591.00
2004 56,684.40 N/A 524,216.00
Unit (Millions)
1954 87.43 28.86 27.37
1964 96.25 31.83 36.78
1974 109.49 35.50 47.66
Population
1984 119.32 38.58 59.65
1994 124.10 39.64 73.92
2004 126.77 43.16 83.43
Q4: Compare the countries and give your opinion on the features, if any found, of the Japanese economy (from the data r
According to the data, the GDP of the recorded countries increased continuously over the span of 5 decades. The faste
educated workforce. Japan, as a defeated country in WWII, strived to bring back what was lost and miraculously rose fro
1975, therefore the economy was still in ruins in the last half decade (The GDP of Vietnam in 1994 was worth only 30 bi
entirely be unaffected by global events such as the two Oil’s Crisis.
Until 1954, the final year of Japan’s Recovery Stage after WWII (1946–1954), major industries such as silk and cotton
Government’s expenditure made up around 11% of the total GDP, mainly for building infrastructures, providing subsidie
From 1954 to 1960, Japan joined many international organizations such as GATT and United Nations. In 1960, the Inco
succeeded. This accounted for the reason why the total GDP quadrupled within a decade. However, the net export was 5
Since 1971, there were a succession of economic shocks, ranging from the Nixon shock, the first oil crisis and the colla
escalated to a whopping 1000 billion yens negative . Nevertheless, net export was consistently positive from 1984-2004
During 1994-2004, also known as the Lost Decade, Japanese GDP only increased 8000 billion yens in 10 years. This sh
slightly decreased from 3994 thousand yens in 1994 to 3973 thousand yens in 2004. Net export also fell 2 billions within
Overall, over the span of 5 decades, Japan’s economy has witnessed a spectacular growth, becoming the 3rd largest ec
Decade, Japan was able to find its economic development once more.
 Country 3
United States of America Country Japan
Dollar (Billions) Currency Yen (Thousands)
380.35 1954 89.18
663.65 1964 306.92
1,499.45 1974 1,226.08
GDP per capita
3,930.92 1984 2,539.18
7,308.77 1994 3,994.71
12,274.90 2004 3,973.53
240.00 1954 N/A
411.48 1964 57.64%
932.93 Household 1974 54.31%
Consumption/G
2,501.10 DP 1984 55.17%
4,741.02 1994 55.27%
8,260.03 2004 57.29%
63.60 1954 11.03%
108.55 1964 7.96%
261.73 Government 1974 9.12%
Expenditure/
657.55 GDP 1984 14.34%
1,109.55 1994 14.69%
1,868.93 2004 18.25%
15.83 Currency Yen (Billions)
35.00 1954 N/A
126.65 1964 -51.80
302.38 1974 -999.30
Net Export
720.93 1984 8,036.10
1,181.50 1994 9,861.60
15.45 2004 9,859.40
28.10 1954 N/A
127.48 1964 9.48%
405.13 1974 13.60%
Export/GDP
813.45 1984 14.82%
1,800.68 1994 9.00%
ons) 2004 13.21%
167.80 1954 N/A
197.30 1964 -0.18%
217.00 Net 1974 -0.74%
238.40 Export/GDP 1984 2.65%
263.30 1994 1.99%
293.53 2004 1.96%
ound, of the Japanese economy (from the data reported in Q1, Q2, and Q3)
ntinuously over the span of 5 decades. The fastest growing economy is the U.S, which is true in that the U.S did not suffer much from
ng back what was lost and miraculously rose from 7797 billion yens from 1954 to 503725 billion yens in 2004 (a whopping 6400% i
e GDP of Vietnam in 1994 was worth only 30 billion dollars). As regards Spain, it is a neutral country during WWII, and as such, its e

–1954), major industries such as silk and cotton had recovered considerably. Japan is known for its “Recovery Miracle” for such rapid
for building infrastructures, providing subsidies and funding a recent war (Korean War in 1953).
h as GATT and United Nations. In 1960, the Income Doubling Plan was officially conducted, aiming to increase the income of Japanes
within a decade. However, the net export was 52 billion yens negative, which indicated that Japan had to import many commodities
the Nixon shock, the first oil crisis and the collapse of the Smithsonian monetary system. This dealt a blow to the Japanese economy
port was consistently positive from 1984-2004 and household consumption consistently made up of around 55% the GDP.
increased 8000 billion yens in 10 years. This showed that the bubble economy bursting and the long-term recession had put a great
ens in 2004. Net export also fell 2 billions within the same period.
spectacular growth, becoming the 3rd largest economy of the world behind only the U.S and China, despite having undergone many w
Country 1 Country 2 Country 3
Spain Vietnam United States of America
Euro (Thousands) Dong (Thousands) Dollar (Thousands)
11.67 N/A 2.27
37.77 N/A 3.36
144.88 N/A 6.91
681.65 N/A 16.49
1,704.20 2,415.23 27.76
N/A 8,573.74 41.82
70.96% N/A 63.10%
74.95% N/A 62.00%
64.81% N/A 62.22%
62.32% N/A 63.63%
60.47% 74.66% 64.87%
N/A 65.08% 67.29%
8.91% N/A 16.72%
7.24% N/A 16.36%
9.89% N/A 17.45%
15.30% N/A 16.73%
18.22% 8.26% 15.18%
N/A 6.39% 15.23%
Euro (Billions) Dong (Billions) Dollar (Billions)
-0.50 N/A 0.38
-67.00 -0.03 6.90
-247.50 N/A -0.82
515.30 N/A -102.75
-103.10 -16,866.00 -92.53
N/A -54,000.00 -619.18
5.26% N/A 4.16%
6.16% N/A 5.27%
14.40% N/A 8.45%
22.06% N/A 7.69%
21.03% 43.46% 9.86%
N/A 73.29% 9.63%
-0.15% N/A 0.10%
-5.57% N/A 1.04%
-4.81% N/A -0.06%
1.96% N/A -2.61%
-0.15% -9.45% -1.27%
N/A -7.55% -5.04%
at the U.S did not suffer much from the 2 World Wars, plus with a highly
yens in 2004 (a whopping 6400% increase). Vietnam was only unified up until
ntry during WWII, and as such, its economy developed normally, but may not

ts “Recovery Miracle” for such rapid recovery within a short time.

).
ng to increase the income of Japanese people rapidly and until 1967, the plan
n had to import many commodities like material inputs, machineries and food.
ealt a blow to the Japanese economy and as a result, the net export of Japan
p of around 55% the GDP.
long-term recession had put a great toll on Japanese economy. GDP capital also

a, despite having undergone many world’s crisis and recession. After the Lost