The GDP announced on the 14th lacked strength in both personal consumption and corporate capital investment, which are the driving forces of the economy.
We have somehow managed to secure positive growth due to inbound demand and service consumption such as travel and dining out due to the government's nationwide travel support.
A series of price hikes for food and other items has had a direct impact on people's lives, and GDP shows that people are becoming more thrifty.
We asked experts about the key points for the economy to pick up in the future based on on-site interviews.
I have decided to raise my wages...
A company that manufactures machine parts in Meguro-ku, Tokyo has decided to raise the wages of its 17 employees from April this year in order to ease the burden on employees' households due to rising prices.
According to the company, the impact of the new corona has eased and orders have increased, and the increase in the cost of raw materials such as stainless steel and aluminum has been largely passed on to the selling price. profit is expected to increase.
However, monthly electricity bills have risen by more than 200,000 yen on average compared to the previous fiscal year, and the increase in electricity bills has not been passed on to sales prices, which is a factor that puts pressure on profits.
Regarding wage increases, the company wants to increase the amount equivalent to regular wage increases and base increases by an average of about 4% in order to meet rising prices.
However, it is undecided how much to increase wages, as it may lead to a deterioration in management if the electricity bill rises further in the future due to the withdrawal of internal reserves.
Masayuki Fujino, president of Fuji Seiki, said, "I'm worried about how to ask customers to pass on the increase in electricity bills. However, I can't hire excellent people unless I pay them properly, so I'm positively considering raising wages. I want to."
Restaurants using robots to solve labor shortage
Some companies are actively promoting the introduction of robots to solve the serious labor shortage.
Of these, robots are already the main workers at yakiniku chains that have stores in Tokyo and Fukuoka.
When you order on the touch panel, it is an automatic lane that brings meat to the table.
And lowering the plate is also a robot that moves around the floor.
No employee came to our table from ordering to finishing our meal.
According to the store, with the introduction of robots, the number of staff will be about one-third that of a normal yakiniku restaurant.
Takao Kudo, the manager of Kamimura Bokujo's store in Nishi Ward, Fukuoka City, said, "The robots don't get sick. Thanks to the robots working hard 365 days a year, we can rest with peace of mind even if our employees get sick. It's an indispensable existence. It has become."
What will happen to Japan's economy?
We asked Shinichiro Kobayashi, chief researcher at Mitsubishi UFJ Research & Consulting.
Q. How do you see the GDP growth rate plus 0.6%?
A. Although the figures were lower than expected and unsatisfactory, they indicate a gradual economic recovery.
In addition to services related to food, lodging, leisure, etc., which showed recovery from the corona disaster, consumption by foreign tourists also worked positively.
On the other hand, there was a decline in consumption due to the rise in prices, resulting in a mixture of positive and negative results.
Q. Can you predict the impact of price hikes?
A.Wages are rising overall, including winter bonuses, but the rise in prices continues to outpace that, and households are becoming more thrifty.
People are limiting their spending to only the things they need to live, such as food and electricity bills, and are refraining from buying clothes and white goods.
Q. What will happen to the economy in the future?
A. As the novel coronavirus infection subsides, we can expect an increase in service-related consumption during spring cherry blossom viewing and long holidays.
The number of foreign tourists is expected to continue to increase in the future, and will continue to drive consumption for the time being.
But the key point is the trends in wages and prices.
Prices are expected to continue rising.
If wages do not rise, there is a risk that consumers will become even more frugal.
Q. Do you think wage increases will be realized?
A.In this year's spring labor offensive, companies are also aggressive in raising wages in consideration of high prices, and there is a possibility that wage increases will be unprecedented in recent years.
However, it is important whether wage increases will spread to small and medium-sized enterprises and micro enterprises, which make up the majority of the workforce, and which are mainly large companies.
It is also difficult for small and medium-sized enterprises to pass on the increased costs to large enterprises through sales prices.
The point is whether large companies will respond to the increase in selling prices, and the government will also pay close attention to whether the price is being passed on properly, and whether the range of wage increases can be expanded.