(UPDATE) TOKYO — Japan faces a shortage of almost 1 million foreign workers in 2040 if the government wants to achieve its economic growth goals as the population dwindles, an estimate from a state-backed think tank showed on Thursday.
TOKYO — Japan faces a shortage of almost 1 million foreign workers in 2040 if the government wants to achieve its economic growth goals as the population dwindles, an estimate from a state-backed think tank showed on Thursday.At the current pace, 5.91 million foreign people will be working in Japan in 2040, almost 1 million short of the foreign workforce needed to sustain the targeted average annual growth rate of 1.24 percent, the Japan International Cooperation Agency's research arm said.
The demand-supply gap in foreign labor widened more than twofold from JICA's previous estimate in 2022 after the researchers updated the data to take into account slower-than-expected economic growth in emigrating countries like Vietnam, Myanmar and Cambodia.Foreign workers are crucial to Japan's economy as they help to fill a severe labor shortage due to the rapid aging and plummeting birth rate.The number of foreign workers in Japan more than quadrupled in the past 15 years to 2.
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