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Books - NOMURA Koji

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Hydropower-Led Economic Growth in Bhutan: Development of Industry-Level Productivity Account, 1990–2022

Koji Nomura, Contemporary South Asian Studies, Springer, 2025.05, Page： 259

This book provides a comprehensive analysis of Bhutan’s economic growth and productivity dynamics from 1990 to 2022, with a special focus on hydropower development. Through the construction of detailed industry-level productivity accounts, the study addresses significant data gaps in Bhutan’s national accounts, measuring outputs and inputs across various sectors and developing quality-adjusted labor and capital input series. The analysis reveals the complexities of Bhutan’s hydropower-led growth strategy: while the sector has driven substantial economic growth, its contribution to overall productivity improvement has been limited. The electricity sector shows gains in labor productivity but declining capital productivity, resulting in stagnant Total Factor Productivity (TFP). The study also examines productivity trends in non-electricity sectors and addresses potential “Dutch disease” effects on manufacturing and agricultural competitiveness. International comparisons place Bhutan’s productivity performance in a regional context, revealing significant gaps in productivity performance, particularly when compared to India, Bhutan’s largest trading partner and a regional economic benchmark. This comparative analysis informs policy recommendations for achieving more balanced and sustainable economic growth. The findings are particularly relevant for Bhutan’s Thirteenth Five-Year Plan (2024–2029), which emphasizes productivity improvements across all economic sectors. The book serves as a valuable resource for policymakers, economists, and researchers interested in development economics, particularly those focused on the unique challenges faced by small, landlocked nations pursuing sustainable economic development.

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Energy Productivity and Economic Growth: Experiences of the Japanese Industries, 1955–2019

Koji Nomura, Springer, 2023.01, Page： 268

Energy costs in the economy amount to only a few percent of gross domestic product, but their importance to economic growth is much greater than their apparent number. Energy is used in almost all production and consumption activities, and energy price changes induce significant spillover effects throughout the economic system. More importantly, stable and affordable access to energy is a critical factor in determining the rate of capital accumulation in a domestic economy and, hence, labor productivity growth. The expansion of production per hour worked is achieved by using more and higher quality capital, which requires more energy to operate. This book aims to provide robust observational facts on energy productivity improvement (EPI) and to analyze the mechanisms of EPI achieved in Japan’s economic growth from 1955 to 2019. Linking the productivity account with energy statistics enables us to attempt not only to develop a better indicator of energy productivity but also to evaluate the EPI with other significant changes in the production process, such as capital productivity, labor productivity, and even the overall efficiency measured in terms of total factor productivity. This book is a valuable resource for researchers and policymakers seeking to understand the role of energy throughout the economy and for economic planners seeking to ensure the efficient use of energy now and into the future.

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APO Productivity Databook 2024

Koji Nomura and Mun S. Ho, Asian Productivity Organization, Keio University Press, 2024.09, Page： 201

This seventeenth edition of the APO Productivity Databook describes the quality of economic growth and productivity by providing comparable accounts across countries with different accounting systems. This is intended to serve as a useful resource for policymakers and researchers. Productivity gains, which enable an economy to produce more with the same inputs or to achieve the same output with fewer inputs, are crucial for ensuring sustainable economic growth in the long run. Improving national productivity performance is a key public policy objective, which requires reliable monitoring of past performance. This edition covers more than half a century of Asian economic development, from 1970 to 2022. Additionally, this edition includes projections for economic growth and labor productivity improvements up to 2035. Baseline economic growth and productivity indicators are calculated for 31 Asian economies, representing the 21 Asian Productivity Organization member economies (APO21) and the ten non-member economies in Asia.1 The APO21 consists of Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, Turkiye, and Vietnam. The ten non-member economies in Asia are the Kingdom of Bhutan (Bhutan), Brunei Darussalam (Brunei), the People’s Republic of China (China), Myanmar, and the Gulf Cooperation Council (GCC), consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Australia, the European Union (EU), France, Italy, Germany, New Zealand, the United Kingdom (UK), and the United States (US) are included as reference economies.

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Independent Energy Strategy by Non-Governmental Experts, 5th Edition (in Japanese)

Taishi Sugiyama, Koji Nomura, Yoshioaki Oka, Tomohiko Okano, Koko Kato, Naoki Tatsumi, Hiroshi Tanaka, Naoki Toda, Haruhisa Nakazawa, Tsuruhiko Nambu, Koji Hirai, Satoshi Matsuda, Ryuzo Yamamoto, Masami Kojima, Tetsuo Sawada, Yoshihiro Muronaka, Masayuki Yamaguchi, and Tadashi Watanabe, 2025.06, Page： 212

エネルギードミナンスとは、「強く豊かな日本を造るために、豊富、安価、安定なエネルギーを供給し、エネルギーに関する優勢（ドミナンス）を築く」という概念である。

この確立のため、我々は以下の11項目にわたる提言をする。

01. 光熱費を低減する。電気料金は東日本大震災前の水準を数値目標とする。エネルギーへの税や賦課金等は撤廃ないし削減する。
02. 原子力を最大限活用する。全電源に占める比率50％を長期的な数値目標とする。
03. 化石燃料の安定利用をCO2規制で阻害しない。
04. 太陽光発電の大量導入を停止する。
05. EV化により日本の自動車産業振興を妨げない。
06. 再エネなどの化石燃料代替技術は、性急な導入拡大をせず、コスト低減を優先する。
07. 過剰な省エネ規制を廃止する。
08. 電気事業制度を垂直統合型に戻す。
09. エネルギーの備蓄およびインフラ防衛を強化する。
10. CO2排出総量の目標を置かず、部門別の排出量の割当てをしない。
11. パリ協定を代替するエネルギードミナンス協定を構築する。

Energy Productivity in Japan's Economic Growth: Exploring Possibilities for Balancing Economy and Environment (in Japanese)

Koji Nomura, Keio University Press, 2021.06, Page： 288

拙速なエネルギー環境政策の強化が更なる経済停滞を招く危険を説いた警世の書。日本のエネルギー効率が「環境規制」によってではなく「経済成長」下で改善されてきた事実を示し、２０５０年「脱炭素社会」を見据え、その移行期における国際的に調和したエネルギー環境政策を提言する。

目次
第１章　経済成長とエネルギー
第２章　エネルギー生産性改善の源泉
第３章　エネルギー価格高騰に対する耐性
第４章　エネルギー生産性と全体効率
第５章　間接的な電力輸入
第６章　日本のエネルギー転換に向けて

Independent Energy Strategy by Non-Governmental Experts, 4th Edition (in Japanese)

Taishi Sugiyama, Koji Nomura, Yoshioaki Oka, Tomohiko Okano, Koko Kato, Naoki Toda, Haruhisa Nakazawa, Tsuruhiko Nambu, Koji Hirai, Satoshi Matsuda, Ryuzo Yamamoto, Masami Kojima, Tetsuo Sawada, Hiroshi Tanaka, Yoshihiro Muronaka, Masayuki Yamaguchi, and Tadashi Watanabe, 2024.06, Page： 177

「非政府の有志による第7次エネルギー基本計画」（以下、本計画）では、安全保障と経済成長を重視したエネルギー政策として、「エネルギードミナンス（優勢）」を提唱する。エネルギードミナンスとは、米国共和党で用いられてきた概念である。それはすなわち、豊富で、安定し、安価なエネルギーを供給することを指す。それによって、日本が経済発展をし、防衛力を高め、自由、民主といった普遍的価値を守り発展させることが可能になる。エネルギードミナンスを確立するために、我々は以下の11項目にわたる提言をする。

01. 光熱費を低減する。電気料金は東日本大震災前の水準を数値目標とする。エネルギーへの税や賦課金等は撤廃ないし削減する。
02. 原子力を最大限活用する。全電源に占める比率50％を長期的な数値目標とする。
03. 化石燃料の安定利用をCO2規制で阻害しない。
04. 太陽光発電の大量導入を停止する。
05. 拙速なEV推進により日本の自動車産業振興を妨げない。
06. 再エネなどの化石燃料代替技術は、性急な導入拡大をせず、コスト低減を優先する。
07. 過剰な省エネ規制を廃止する。
08. 電気事業制度を垂直統合型に戻す。
09. エネルギーの備蓄およびインフラ防衛を強化する。
10. CO2排出総量の目標を置かず、部門別の排出量の割当てをしない。
11. パリ協定を代替するエネルギードミナンス協定を構築する。

"A High-pressure Economy with a Sustainably Weak Yen is Desirable for the Japanese Economy" in Y. Harada and Y. Iida (eds.) What is High Pressure Economy (in Japanese))

Koji Nomura and Koichi Hamada, Kinzai, 2023.11, Page： 23

Contact page： 43–65

本稿は、戦後日本の経済成長の経験を振り返りながら、1980年後半以降の為替レートが多くの年で「過度の円高」であり、そして過度の円高が導く国内経済におけるコスト削減がどのように実現されたのかを解明する。見いだされることは、1980年代半ばまで「高圧経済」によって運営されていた日本経済が「低圧経済」へと移行してしまったことであり、それによる賃金抑制と生産性停滞こそが長期にわたり日本経済を苦しめてきたデフレ圧力の源泉となってきた。日本経済の復活に向け、高圧経済の実現への転換をいかにすべきかを論じる。

APO Productivity Databook 2023

Koji Nomura and Fukunari Kimura, Asian Productivity Organization, Keio University Press, 2023.10, Page： 205

The sixteenth edition of the APO Productivity Databook aims to provide a useful reference on the quality of economic growth and productivity, comparable across countries at different development stages in Asia. Productivity gains, which enable an economy to produce more for the same amount of inputs, or to consume less to produce the same amount of outputs, are the only route to sustainable economic growth in the long run. Monitoring and improving national productivity capability are important public policy targets. This edition covers more than half a century’s history of Asian economic development, from 1970 to 2021, with our projections of economic growth and labor productivity improvements out to 2030.
Baseline economic growth and productivity indicators are calculated for 31 Asian economies, representing the 21 Asian Productivity Organization member economies (APO21) and the ten non-member economies in Asia . The APO21 consists of Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, Turkiye, and Vietnam. The ten non-member economies in Asia are the Kingdom of Bhutan (Bhutan), Brunei Darussalam (Brunei), the People’s Republic of China (China), Myanmar, and the Gulf Cooperation Council (GCC), consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Australia, the European Union (EU), France, Italy, Germany, New Zealand, the United Kingdom (UK), and the United States (US) are included as reference economies.

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APO Productivity Databook 2022

Koji Nomura and Fukunari Kimura, Asian Productivity Organization, Keio University Press, 2022.10, Page： 212

This fifteenth edition of the APO Productivity Databook aims to provide a useful reference for the quality of economic growth and productivity, comparable across countries at different development stages in Asia. Productivity gains, which enable an economy to produce more for the same amount of inputs, or to consume less to produce the same amount of outputs, are the only route to sustainable economic growth in the long run. Thus, monitoring and improving national productivity capability are important public policy targets. This edition covers the half-century history of Asian economic development, from 1970 to 2020, with our projections of economic growth and labor productivity improvements through 2030.
Baseline economic growth and productivity indicators are calculated for 31 Asian economies, representing the 21 Asian Productivity Organization member economies (APO21) and the ten non-member economies in Asia. The APO21 consists of Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, Turkey, and Vietnam. The ten non-member economies in Asia are the Kingdom of Bhutan (Bhutan), Brunei Darussalam (Brunei), the People’s Republic of China (China), Myanmar, and the Gulf Cooperation Council (GCC), consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Australia, the European Union (EU), France, Italy, Germany, the United Kingdom (UK), and the United States (US) are included as reference economies.
The analyses in the Databook series are based on the comprehensive productivity accounts for Asian countries (APO Productivity Database), which have been developed by a joint research effort between the APO and the Keio Economic Observatory (KEO), Keio University, since 2007. In this edition of the Databook, the productivity accounts are developed for 25 Asian economies (Asia25), consisting of the APO21 plus Bhutan, Brunei, China, and Myanmar, along with the US as a reference economy.

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APO Productivity Databook 2021

Koji Nomura and Fukunari Kimura, Asian Productivity Organization, Keio University Press, 2021.10

Scope: 199

In the 60th anniversary year of the foundation of APO, we present the fourteenth edition of the APO Productivity Databook. The Databook aims to provide a useful reference for the quality of economic growth and productivity, which is comparable across countries at different development stages in Asia. This edition covers almost half a century, from 1970 to 2019, with our projections of economic growth and labor productivity improvements through 2030.
The only route to sustainable economic growth in the long run is through productivity gains that enable an economy to produce more for the same amount of inputs, or to consume less to produce the same amount of outputs. Thus, it follows that monitoring and improving national productivity are important targets of public policy.
Baseline indicators on economic growth and productivity are calculated for 31 Asian economies, representing the 21 Asian Productivity Organization member economies (APO21) and the 10 non-member economies in Asia. The APO21 consists of Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, Turkey, and Vietnam. The 10 non-member economies in Asia are: the Kingdom of Bhutan (Bhutan), Brunei Darussalam (Brunei), the People’s Republic of China (China), Myanmar, and the Gulf Cooperation Council (GCC) consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Australia, the European Union (EU), and the United States (US) are included as reference economies.
The analyses in the Databook series are based on the comprehensive productivity accounts (APO Productivity Database), which have been developed by a joint research effort between the APO and the Keio Economic Observatory (KEO), Keio University, since 2007. In this edition of the Databook, the productivity accounts are developed for 25 Asian economies (Asia25) – the APO21 plus Bhutan, Brunei, China, and Myanmar – along with the US as a reference economy. This edition reflects the revised productivity account for China in APO Productivity Database 2021, based on our study with Professor W. Erwin Diewert (University of British Columbia).

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APO Productivity Databook 2020

Koji Nomura and Fukunari Kimura, Asian Productivity Organization, Keio University Press, 2020.10, Page： 190

Productivity gains enable an economy to produce more for the same amount of inputs, or to consume less to produce the same amount of outputs. These gains are the only route to sustainable economic growth in the long run. Thus, it follows that monitoring and improving national productivity capability are important targets of public policy. In this thirteenth edition of the APO Productivity Databook series, a useful reference is provided for the quality of economic growth and productivity, which is comparable across countries at different development stages in Asia, covering the period from 1970 to 2018.

In this edition, baseline indicators on economic growth and productivity are calculated for 31 Asian economies, representing the 21 Asian Productivity Organization member economies (APO21) and the 10 non-member economies in Asia. The APO21 consists of Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan,the Philippines, Singapore, Sri Lanka, Thailand, Turkey, and Vietnam. The 10 non-member economies in Asia are: the Kingdom of Bhutan (Bhutan), Brunei Darussalam (Brunei), the People’s Republic of China (China), Myanmar, and the Gulf Cooperation Council (GCC) consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Australia, the European Union (EU), and the United States (US) are included as reference economies.

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Benchmark 2011 Integrated Estimates of the Japan-US Price Level Index for Industry Outputs

Koji Nomura, Kozo Miyagawa, and Jon D. Samuels, Measuring Economic Growth and Productivity: Foundations, KLEMS Production Models, and Extensions, 2019.11

This paper provides new benchmark estimates of industry-level price differentials between Japan and the United States for 2011 based on a bilateral price accounting model anchored to the Japan-US input-output tables. We apply the model to translate available demand-side data on purchaser's price purchasing power parities (PPPs) for final uses (e.g., the Eurostat-OECD PPPs) and intermediate uses (e.g., the Ministry of Economy, Trade and Industry [METI] survey) to unmeasured producer's price PPPs for industry output. These PPPs allow us to produce price-level indexes at the industry level, which we use to assess price competitiveness between Japan and the United States We conclude that price competitiveness of Japanese service industries has considerably improved in the more recent time period. However, Japanese producers have a significant price disadvantage in comparison to their US counterparts in electricity and gas supply, and most of the agricultural producing industries.

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APO Productivity Databook 2019

Koji Nomura and Fukunari Kimura, Asian Productivity Organization, Keio University Press, 2019.09, Page： 184

In this twelfth edition in the APO Productivity Databook series, a useful reference is provided for the quality of economic growth and productivity, which are comparable across countries at different development stages in Asia. Productivity gains enable an economy to produce more for the same amount of inputs, or to consume less to produce the same amount of outputs. These gains are the only route to sustainable economic growth in the long run. Thus, it follows that monitoring and improving national productivity capability are important targets of public policy. Additionally, we develop the projections of economic growth and labor productivity improvements of Asian countries through 2030.
Asia is a diverse regional economy in which countries have embarked on their own journey of economic development at different times and different paces. In this edition of the Databook, baseline indicators on economic growth and productivity are calculated for 30 Asian economies, representing the 20 Asian Productivity Organization member economies (APO20) and the 10 non-member economies in Asia. The APO20 consists of Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, and Vietnam. The 10 non-member economies in Asia are: the Kingdom of Bhutan (Bhutan), Brunei Darussalam (Brunei), the People’s Republic of China (China), Myanmar, and the Gulf Cooperation Council (GCC) consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Australia, the European Union (EU), Turkey, and the United States (US) are included as reference economies. This edition covers the period from 1970 to 2017.

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APO Productivity Databook 2018

Koji Nomura and Fukunari Kimura, Asian Productivity Organization, Keio University Press, 2018.09, Page： 170

This is the eleventh edition in the APO Productivity Databook series. Productivity gains, which enable an economy to produce more for the same amount of inputs, or to consume less to produce the same amount of outputs, are the only route to sustainable economic growth in the long run. Thus, it follows that monitoring and improving national productivity capability are important targets of public policy. The Databook aims to provide a useful reference for the quality of economic growth and productivity, which are comparable across countries at different development stages in Asia. A significant achievement of this edition of the Databook is the projection out to 2030 of the future economic growth. In this edition of the Databook, baseline indicators on economic growth and productivity are calculated for 30 Asian economies, representing the 20 Asian Productivity Organization member economies (APO20) and the 10 non-member economies in Asia. The APO20 consists of Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, and Vietnam. The 10 non-member economies in Asia are: the People’s Republic of China (China), the Kingdom of Bhutan (Bhutan), Brunei, Myanmar, and the Gulf Cooperation Council (GCC) that consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Australia, the European Union (EU), Turkey, and the United States (US) are included as reference economies. This edition covers the period from 1970 to 2016.

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Green Productivity and Productivity Measurement Program for Myanmar

Koji Nomura et al., Asian Productivity Organization, 2018.09

Scope: pp.1-123

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"Productivity Growth in Asia and its Country Origins," in Deb Kusum Das (eds.) Productivity Dynamics in Emerging and Industrialized Countries

Koji Nomura, Routledge, 2018.04

Scope: Chapter 3 (pp.81-112)

© 2018 selection and editorial matter, Deb Kusum Das; individual chapters, the contributors. Recovery from the global financial crisis of 2008-09 has been notably slow in the European economy, with its growth rate for 2010-14 steady at 0.5 percent per annum on average, relative to 2.1 percent growth in the pre-crisis period of 2000-07 (as represented by 15 member countries of EU prior to enlargement). In contrast, the United States has managed to raise its growth rate to 1.9 percent for 2010-14, and is beginning to return to its long-term growth track. The Asian economy, which has become increasingly autonomous from the Western economies and even contributed to stabilizing the global economy at the time of the global financial crisis, has been maintaining a stable economic growth of 5.3 percent per annum on average during 2010-14. Yet, this represents a slowdown of 1 percentage point from the level recorded in the pre-crisis period. Our study indicates that it is mainly due to the reduction in the growth of total factor productivity (TFP) of the Asian economy.

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APO Productivity Databook 2017

Koji Nomura and Fukunari Kimura, Asian Productivity Organization, Keio University Press, 2017.09, Page： 166

This publication is the tenth edition in the APO Productivity Databook series. The Databook aims to provide a useful reference for the quality of economic growth in Asia. It presents authoritative estimates of productivity and its decomposition, which are comparable across countries at different development stages in the middle and long run. Productivity gains, which enable an economy to produce more for the same amount of inputs or to consume less to produce the same amount of outputs, are the only route to sustainable economic growth in the long run. Thus it follows that monitoring and improving national productivity capability are important targets of public policy.
In this edition of the Databook, baseline indicators on economic growth and productivity are calculated for 30 Asian economies, representing the 20 Asian Productivity Organization member economies (APO20) and the 10 non-member economies in Asia. The APO20 consists of Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, and Vietnam. The 10 non-member economies in Asia are: the People’s Republic of China (China), the Kingdom of Bhutan (Bhutan), Brunei, Myanmar, and the Gulf Cooperation Council (GCC) that consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Australia, the European Union (EU), Turkey, and the United States (US) are included as reference economies. This edition covers the period from 1970 to 2015.

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"A Half Century of Trans-Pacific Competition: Price Level Indices and Productivity Gaps for Japanese and U.S. Industries, 1955-2012," in D. W. Jorgenson, et al. (eds.) The World Economy – Growth or Stagnation?

Dale W. Jorgenson, Koji Nomura, and Jon D. Samuels, Cambridge University Press, 2016.11

Scope: Chapter 13 (pp.469-507)

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APO Productivity Databook 2016

Koji Nomura and Fukunari Kimura, Asian Productivity Organization, Keio University Press, 2016.09

Scope: pp.1-156

This is the ninth edition in the APO Productivity Databook series. The publication aims to provide a comprehensive cross-country comparison of economic growth, structural change, and productivity performance of Asian economies in relation to global and regional economies. Productivity gains, which enable an economy to produce more for the same amount of inputs, are the only route to sustainable economic growth in the long run. Therefore, it follows that monitoring and improving national productivity capability are important aspects of public policy, especially when many countries are facing aging population.
Baseline indicators on economic growth and productivity are calculated for 30 Asian economies, representing the 20 Asian Productivity Organization member economies (APO20) and the 10 non-member economies in Asia. The APO20 includes: Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, and Vietnam. The 10 non-member economies in Asia are: the People’s Republic of China (China), the Kingdom of Bhutan (Bhutan), Brunei, Myanmar, and the Gulf Cooperation Council (GCC) that consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Australia, the European Union (EU), Turkey, and the United States (US) are included as reference economies. This edition covers the period from 1970 to 2014.

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A Growth Accounting Framework for the Kingdom of Bhutan, 1990–2014

Koji Nomura, Development Policy and Analysis Division, United Nations Department of Economic and Social Affairs （UNDESA) , 2016.06, Page： 172

Scope: pp.1-172

The purpose of this study is to develop a comprehensive time-series database on outputs, intermediate inputs, and labor and capital inputs by industry and to provide a first result of the growth accounting framework for the Kingdom of Bhutan during 1990–2014. In particular, the hydropower electricity generation has had a considerable impact not only on the production-side of GDP, but also on the demand-side of GDP in the recent Bhutanese economic growth. Our growth accounting framework is designed to identify the impacts by electricity.
The structure of this report is as follows. In section 2, the time-series Supply and Use Tables (SUT) are newly developed, sustaining the basic consistency with the Bhutan system of national accounts (BTSNA). The development of the time-series use tables enables to provide the comprehensive estimates of prices and quantities in outputs and intermediate inputs (energy, material, and service) by industry. In the SUT, the economic transaction between Druk Green Power Corporation (DGPC) as a producer of hydropower electricity and Bhutan Power Corporation (BPC) as a distributor of electricity is described, sustaining a consistency with the physical tables in the Electricity Account by NSB (2015).
In section 3, this study newly develops the labor database consisting of the number of workers, hours worked per worker, and hourly wage, which are cross-classified by gender, education attainment, age, and employment status by industry. Based on the data we develop, the time-series estimates of compensation of employees (COE) are estimated and the quality-adjusted labor inputs (QALI), as an appropriate measure of labor inputs recommended in the 2008 SNA are estimated in each industry.
In section 4, the time-series matrices of investment and capital stock by type of assets and industry are newly developed. Based on the developed time-series use tables and capital stock matrices, the rate of returns are estimated endogenously by industry. Using the estimated use costs of capital by type of assets and industry, capital services by industry are estimated.
In section 5, based on the estimated outputs and capital, labor energy, material, and service (KLEMS) inputs for Bhutan, the TFP growths by industry are developed for the whole periods of our observation of 1990–2014. The first set of the results at the industry and the aggregate levels are introduced. References and the details of the estimated tables are presented in sections 6 and 7, respectively.

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