0s, a 5% average in the 1970s, and a 4% average in the 1980s.
Growth slowed markedly in the 1990s, averaging just 1.7%, largely
because of the after effects of overinvestment and an asset price
bubble during the late 1980s that required a protracted period of
time for firms to reduce excess debt, capital, and labor. From 2000
to 2001, government efforts to revive economic growth proved short
lived and were hampered by the slowing of the US, European, and
Asian economies. In 2002-07, growth improved and the lingering fears
of deflation in prices and economic activity lessened, leading the
central bank to raise interest rates to 0.25% in July 2006, up from
the near 0% rate of the six years prior, and to 0.50% in February
2007. In addition, the 10-year privatization of Japan Post, which
has functioned not only as the national postal delivery system but
also, through its banking and insurance facilities as Japan's
largest financial institution, was completed in October 2007,
marking a major milestone in the process of structural reform.
Nevertheless, Japan's huge government debt, which totals 182% of
GDP, and the aging of the population are two major long-run
problems. Some fear that a rise in taxes could endanger the current
economic recovery. Debate also continues on the role of and effects
of reform in restructuring the economy, particularly with respect to
increasing income disparities.

Jersey
Jersey's economy is based on international financial
services, agriculture, and tourism. In 2005 the finance sector
accounted for about 50% of the island's output. Potatoes,
cauliflower, tomatoes, and especially flowers are important export
crops, shipped mostly to the UK. The Jersey breed of dairy cattle is
known worldwide and represents an important export income earner.
Milk products go to the UK and other EU countries. Tourism accounts
for one-quarter of GDP. In recent years, the government has
encouraged light industry to locate in Jersey, with the result that
an electronics industry has developed alongside the traditional
manufacturing of knitwear. All raw material and energy requirements
are imported, as well as a large share of Jersey's food needs. Light
taxes and death duties make the island a popular tax haven. Living
standards come close to those of the UK.

Jordan
Jordan is a small Arab country with insufficient supplies of
water, oil, and o