Japan Gears Up for Post-Pandemic Economy with Massive Budget

The Japanese Parliament on Monday sanctioned their first major extra budget for the 2021 financial year amounting to $317 billion intended to cushion the country against the economic blows dealt by the ongoing pandemic. While this move spells relief for Japan, it will also exacerbate the modern world’s rising debt woes.

The proposed budget has provisions to fund vaccinations, medication, childcare, and boost tourism in the country. It will also be partially supported by government bonds that are worth about 22 trillion yen.

Prime Minister Fumio Kishida stated that the biggest-ever budget implemented by the government intends to bring forth an economic rebound in the aftermath of the COVID-19 pandemic while also looking at a favorable form of wealth distribution, and securing the long-term economic future of the country.

Following the extra budget, an annual budget for the next financial year will soon be put together to account for 16 months’ expenditure.

©Photo: Toru Hanai/Reuters