For many decades, Australia was known as the “lucky country”. Its long period of uninterrupted growth stretching back to the 1990s was a rarity among advanced economies. Yet even before the Covid-19 pandemic erupted, Australia’s luck was running out amid stagnant productivity, a housing affordability crisis and the slowdown in China’s economy.
Another developed country that has had luck on its side is Japan. Having endured more than three “lost decades” in a prolonged struggle against deflation,…
Japan will soon learn how far Takaichi can ride her luck
